According to ChainCatcher, Velo Labs has received a second strategic investment from UOB Venture Management (UOBVM), a private equity and venture capital subsidiary of United Overseas Bank. The specific amount has not been disclosed.

UOB has a market capitalization of approximately SGD 54 billion (as of September 2024) and total assets under management of over SGD 500 billion. Velo Labs will provide Web3-based financial solutions and settlement networks to enable value transfer.