SETL Acquisition, Valuation, Funding & Investors

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.

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.

A5X is a São Paulo-based financial marketplace operator providing electronic trading, clearing, settlement, and post-trading infrastructure for Brazil's capital and money markets. The platform facilitates transactions in equities, fixed-income securities, derivatives, and foreign exchange through high-speed matching engines and risk management tools. It connects institutional investors, brokers, and market makers with straight-through processing capabilities. Launched to foster competition alongside B3, A5X emphasizes low-latency execution and regulatory-compliant reporting for domestic financial institutions.

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.

Indian Energy Exchange Ltd is an India-based power trading platform provider. It is a power exchange for spot trading in power/electricity, trading of Renewable Energy Certificates (REC), and Energy Saving Certificates (ESCerts). The main activity of the company is to provide an automated platform and infrastructure for carrying out trading in electricity units for the physical delivery of electricity.

Bank of London is a United Kingdom-authorized clearing and transaction bank specializing in cross-border payments and agency services. Regulated by the Prudential Regulation Authority and Financial Conduct Authority, it serves as a principal clearer leveraging proprietary technology for compliant product launches in domestic and international markets. Headquartered in London, the firm processes real-time payments across multiple currencies and partners with fintechs to enhance economic infrastructure in emerging regions including Latin America and Africa.

Post Trade Solutions is a London Stock Exchange Group division that delivers collateral management, margining, and reconciliation services via platforms like AcadiaSoft, Quantile, and SwapAgent. It supports over 1,500 clients including banks and buyside firms, processing 50 million daily collateral calls worth $2 trillion. Acquired entities enhance capital efficiency under Uncleared Margin Rules and SFTR reporting. The unit operates globally from hubs in New York, Singapore, and Tokyo.

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.

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.

LCH SA is a Paris-headquartered subsidiary of LCH Group providing clearing services for continental European markets in fixed income, equities, and commodities under EMIR regulations.

Flow Traders Ltd is a financial technology company operating in the financial markets, using its proprietary technology platform to provide liquidity by quoting bid and ask prices in financial products. It ensures the provision of liquidity to support the uninterrupted functioning of financial markets. The company's core trading focus is on exchange-traded products (ETPs), enabling investors to buy and sell ETPs by quoting bid and ask prices under virtually all market circumstances and also has expanded into fixed income, commodities, digital assets, and foreign exchange. The company's reportable segments are; Europe which generates key revenue, the Americas, and Asia.

Securitize Holdings Inc provides a platform for tokenized real-world assets specializing in tokenizing real-world assets (RWAs) like funds, equities, and fixed income on blockchain networks. The company operates across two primary verticals: i) Tokenization: It consists of on-chain infrastructure and tokenization & distribution, ii) Asset Servicing: It covers post-issuance transfer agent and fund management services. The majority of the company's revenue is derived from the Tokenization vertical.

21Finance is a Zurich-headquartered fintech provider of decentralized platforms for digital asset issuance and trading. Its software enables banks and intermediaries to launch compliant marketplaces for tokenized shares, bonds, funds, security tokens, and cryptocurrencies on secondary markets. Regulated under Swiss financial laws, the solution supports Ethereum-based smart contracts.

Zeta is a San Francisco-headquartered cloud-native banking technology platform enabling financial institutions to launch credit cards, loans, deposits, and digital banking apps. Recognized by Celent in 2023 as a top issuer processing partner for US banks and credit unions, it powers over 25 million cards globally with API-enabled features for processing, fraud detection, loyalty programs, and core banking. The company employs more than 1700 staff, with 70 percent in technology roles across the US, Middle East, Asia, and regional headquarters in Mumbai, India.

2TM is a blockchain infrastructure provider for financial markets, headquartered in Sao Paulo, Brazil. Founded in 2013, it operates Mercado Bitcoin, Latin America's largest cryptocurrency exchange handling over $10 billion in annual volume. The platform facilitates secure trading, custody, and investment operations across 15 countries. 2TM supports institutional clients with staking services and tokenized assets on Ethereum and Solana networks.

Tradegate AG Wertpapierhandelsbank is a Germany-based company. It is engaged in providing banking and financial services. In addition to retail banking, the company focuses on the trading of several domestic and foreign securities on the Tradegate Exchange, and the Frankfurt and Berlin stock exchanges. The company's main business activity consists of market specialist activities and market making; it acts as a Market Specialist on the Tradegate Exchange and the Frankfurt Stock Exchange and as an order book manager on the Berlin Stock Exchange. It extends its services to the securities listing on the stock exchanges in Munich, Stuttgart, Hamburg, Hanover, and Dusseldorf.