San Francisco-based data company Xignite last year told DigFin it planned to open its Asia office in Singapore in the fourth quarter 2017, but now says it is putting that on hold until it reaches profitability.
Kerry Langstaff, chief marketing officer, said that the office opening is deferred to year 2019 as the top management wants to “make the company profitable without external funding before [embarking on] global expansion.”
She would not comment on when Xignite will reach profitability but says it has around 1,000 clients now, including fintech companies and financial institutions.
[We want to] make the company profitable without external funding before [embarking on] global expansion
This includes a proof of concept around data management that began with a Singaporean bank last year. Xignite is helping the bank feed data to its subsidiaries instead of the bank paying for full-service information terminals from the likes of Bloomberg or Thomson Reuters.
“We are still very focused on Singapore, this has not changed at all,” she said, noting the team has visited Singapore twice this year and has appointed a consultant (Frank Troise of SoHo Capital) to represent them in the region.
Built on Amazon Web Services’ cloud, Xignite provides financial and market data, as well as supports banks distributing information to branches or departments.