A5X Valuation, Funding & Investors

Alpaca is a New York-headquartered developer platform offering API-based brokerage services for stock and cryptocurrency trading. The infrastructure provides commission-free execution, real-time market data feeds, paper trading environments, and advanced order types including algorithmic strategies. Backed by Y Combinator and investors like Spark Capital, Alpaca powers trading apps for retail and institutional users across multiple global markets.

Paxos is a New York-headquartered regulated trust company founded in 2012. The firm issues stablecoins including Pax Dollar and partners with PayPal for PYUSD, while providing settlement services for gold tokens and crypto brokerage. Paxos operates under New York Department of Financial Services oversight, serving institutions like Venmo and Interactive Brokers with digital asset custody and trading infrastructure.

Stock3 AG is a technology company specializing in stock exchanges and trading. The group operates a web platform and associated mobile applications, offering the following solutions: technical infrastructure and editorial content related to capital markets; targeted outreach to an audience with active trading and investment behavior, to its advertising partners; a terminal solution for financial market data and analysis to market participants, and the opportunity to conduct securities transactions with various brokers via the parent company's web platform and mobile applications. Geographically, the group is currently active in the DACH region, with a focus on Germany.

Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in US and European government debt, mortgage-backed securities, interest-rate swaps, and US and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service.

CARE Ratings Ltd is an India-based company credit rating firm. The company's operating segment includes Ratings and related services and Others. It generates maximum revenue from the Ratings and related services segment. The company provides ratings for the Corporate Sector; Financial Sector; Structured Finance; Insurance Sector; Infrastructure Sector and others.

Serum is a decentralized exchange protocol built on the Solana blockchain enabling on-chain order books and automated market makers. Developed by Project Serum in collaboration with FTX and Alameda Research, it supports cross-margin trading, perpetual futures, and lending with high throughput exceeding 50,000 transactions per second. Serum powers DeFi applications for crypto trading communities globally.

Form3 is a London-headquartered payment processor offering cloud-based APIs for real-time payments across UK Faster Payments, SEPA Instant, and US FedNow schemes. The platform handles clearing and settlement for banks and fintechs including Revolut and Starling Bank. Built on AWS microservices, Form3 processes billions in transaction volume annually with 99.99 percent uptime.

Finatext Holdings Ltd is engaged in providing cloud native infrastructure for wealthmanagement/insurance providers, and support data analysis development.

Qredo is a London-headquartered blockchain platform for institutional custody and transfer of digital assets, utilizing Multi-Party Computation to eliminate single points of failure in wallet management. The protocol supports Bitcoin, Ethereum, and stablecoins, processing over $10 billion in annual volume. Qredo serves hedge funds and exchanges with 24/7 settlement capabilities.

Waves Platform is a Singapore-headquartered blockchain network launched in 2016 that enables token issuance, decentralized exchanges, and smart contracts through its WAVES native token. The platform supports custom asset creation without coding via its visual token builder and hosts the Waves DEX for trading over 100 tokens. It powers DeFi applications like Gravity Protocol and Neutrino stablecoin, with nodes operating globally.

Cognism is a London-headquartered SaaS provider of B2B sales acceleration tools, supplying real-time company, people, and event data enriched by patented AI technology. Sales teams integrate it with major CRM and email systems to prospect efficiently, enrich records, and identify trends while ensuring compliance through its unique engine. The company operates offices in the United States, Macedonia, and Croatia since its founding in 2015.

Snowball Finance is a Beijing-headquartered online investment community operating xueqiu.com, a platform covering A-shares, Hong Kong stocks, and U.S. equities with data tools, newsletters, and social forums. The site serves over 10 million registered users including iMeigu.com for Chinese U.S. stock investors. Snowball Finance hosts virtual investor conferences and integrates with brokers like Tiger Securities.

Leonteq AG is a Swiss fintech company with a marketplace for structured investment solutions. Based on proprietary modern technology, the company offers derivative investment products and services. Leonteq acts as both a direct issuer of its products and as a partner to other financial institutions. Leonteq further enables life insurance companies and banks to produce capital-efficient, unit-linked pension products with guarantees. The company has a presence in its home market of Switzerland and other parts of Europe, as well as an established footprint in Asia and other regions.

Elliptic is a London-headquartered provider of blockchain analytics and cryptocurrency compliance software. Its platform monitors transactions across Bitcoin, Ethereum, and 100-plus chains for illicit activity, offering wallet screening, risk scoring, and investigation tools to exchanges, banks, and regulators. Clients include Coinbase and major financial institutions worldwide.