LONDON, March 30, 2022: TransFICC, the specialist provider of low-latency connectivity and workflow services for fixed income and derivatives markets, closed a Series A extension for $ 17 million. Led by AlbionVC, all existing institutional shareholders took part in this investment round, which follows the original $ 7.8 million Series A, announced in April 2020.
TransFICC’s investors are AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures and Main Incubator (the Early Stage CVC unit of the Commerzbank Group).
The new investment will be used primarily to expand TransFICC’s design teams, to support additional location connectivity and automated workflows in the US rate and credit markets, including US Treasury, High Yield, Investment Grade, IRS products , Repos, Munis, MBS and CDS. Additionally, new products will be developed, including a comprehensive e-trading system, incorporating a Trader desktop interface. The investment will also fund new sales and customer service teams, aligned with an ambitious strategy of geographic growth and expansion through new data centers in North America and continental Europe.
TransFICC solves the problem of fragmentation in fixed income markets by providing banks and wealth managers with a low-latency, robust and scalable unified API. Its “One API for eTrading” platform provides connectivity to multiple electronic trading venues supporting a variety of workflows between fixed income products. TransFICC allows financial institutions to access the required eTrading venues, optimizing technology requirements and reducing operating costs.
TransFICC’s clients include eight tier one investment banks and two of the largest stock exchange groups.
“As banks and wealth managers focus on automating trading workflows to deliver greater efficiency, TransFICC’s ‘One API’ has been implemented in some of the largest fixed income trading banks and exchanges,” he said. Steve Toland, co-founder of TransFICC. “As we build on this success, we are very happy to have attracted additional investment from our existing shareholders, which will be used to expand our engineering teams, develop new products, open new offices in New York and Brussels and add to our sales force. . “
“We have already built a modern, robust and cost-effective alternative to legacy systems, but driven by customer needs we are expanding our suite of products to provide a complete e-trading system, which will allow customers to trade manually using the our software, “he said Tom McKee, co-founder of TransFICC. “As we add more customers and automate more complex workflows, it’s also important to continue investing in our technology platform to deliver fast and scalable technology, which keeps up with microsecond price updates and provides a control path for best execution.
“TransFICC’s only API for e-trading service has a huge opportunity to become the de facto standard API gateway between banks and trading venues. Our confidence in the API’s superiority and future success is confirmed by the eight banks and two exchanges that now use it, as well as the long pipeline of potential customers, “he said. Cat McDonald, investor of AlbionVC joining the board of TransFICC. “We expect TransFICC’s service to continue to outperform expectations, thus confirming the industry-revolutionary nature of what Steve and the team have created.”
“The market structure in fixed income is evolving rapidly and trading firms need modern, simple and innovative technology solutions to automate their trading workflows and quickly connect with numerous locations. TransFICC has been at the forefront of API translation and continues to develop new products in response to customer demand, ”he said Jonathan Lofthouse, Citi’s Global Head of Markets Technology.
“This additional investment will allow TransFICC to further extend its connectivity reach and build add-ons to the electronic trading stack. Having new user interfaces and tools will make it even easier for TransFICC customers to adopt their technology and we are very excited to be working with them, “he said. Seth Osher, HSBC Global Head of Flow Fixed Income IT.
TransFICC secures £ 13m Series A Follow On investment led by AlbionVC – UK Tech Investment News
Source link TransFICC secures £ 13m Series A Follow On investment led by AlbionVC – UK Tech Investment News