Singapore fintech startup Hashstacs (STACS) has raised US$3.6 million (S$4.8 million) in a pre-Series A funding round, bringing its fundraising total to more than US$6 million. It plans to start its Series A funding round later this year.

The latest round is led by venture capital firm Wavemaker Partners.  Tribe Accelerator, a Singapore government-supported blockchain innovation and education accelerator, joined the funding with existing shareholder Stellar Partners adding to its initial investment.

According to STACS, funding proceeds will be used to expand the ecosystem of global financial institutions in its sustainable and environmental, social and governance (ESG) enabling technology infrastructure.

Founded in 2019, STACS provides live platforms powered by distributed ledger technology (DLT) to support the effective lifecycle management of securities, and ESG financing dimensions encompassing green and sustainability-linked bonds and loans.

It has announced collaborations with leading institutions such as Deutsche Bank, BNP Paribas, Eastspring Investments, Bursa Malaysia, EFG Bank, and Bluecell Intelligence.

Gavin Lee, general partner at Wavemaker Partners, says: "There is an immense opportunity to help financial institutions process large volumes of trades more quickly, securely and accurately while reducing costs and illiquid capital. As an enterprise distributed ledger technology provider, STACS has productized a secure layer that can be deployed instantly above existing infrastructure.”