Cross-border investment platform Stockal has raised $9m in a Series A funding round to expand its footprint and enter new South East Asia markets, reported PTI.

The funding round saw investments from PEAK6, Hashed, Trica, 7Square, ARC Group Ventures, Czar Capital, AZ Ventures, and Riso Capital alongside some of the firm’s existing backers.

Stockal allows investors in India and the Middle East to invest in US-listed companies.

Initially launched in the US as an investment management platform for retail investors, Stockal was launched in India in 2019 for retail investors seeking international investing options.

In 2020, the firm expanded into the Middle East with partnerships in UAE, Oman, and Bahrain.

The New York-headquartered firm currently has offices in Dubai and Bengaluru.

Stockal founders Sitashwa Srivastava and Vinay Bharathwaj said: “The last couple of years have highlighted that there is tremendous appetite among retail investors to make their money borderless and they will make the leap provided the required ecosystem is available. We are working very closely with banks and regulators in all our markets to make Stockal an extremely seamless platform.”

Stockal previously raised about $4m from HDFC, Cadenza Capital, AROA Ventures, July Ventures, and others.

Commenting on the latest round, Hashed CEO and managing partner Simon Kim said: “We are very bullish on the global investing trend. As financial boundaries are becoming smaller, people in Asia are looking at investing options which are global and democratic. We believe Stockal has the right ingredients to build global leadership in this space.”

Recently, robo advisory platform Ellevest secured an investment of $53m in a Series B funding round to expand its offerings and product solutions.