TransFICC, the specialist provider of low-latency connectivity and workflow services for Fixed Income and Derivatives Markets, has closed a Series A extension for $17 million.<\/p>\n
<\/p>\n
TransFICC, the specialist provider of low-latency connectivity and workflow services for Fixed Income and Derivatives Markets, has 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 Series A for $7.8 million, announced in April 2020.<\/p>\n
TransFICC\u2019s investors are AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator (the Early Stage CVC unit of Commerzbank Group).<\/p>\n
The new investment will primarily be used to expand TransFICC\u2019s Engineering teams, to support additional venue connectivity and automated workflows in US Rates and Credit markets, including US Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS and CDS products. Additionally, new products will be developed, which includes a complete e-trading system, incorporating a Trader desktop interface. The investment will also fund new sales and customer support teams, aligned with an ambitious growth strategy and geographical expansion through new data centres in North America and Continental Europe.<\/p>\n
TransFICC resolves the issue of fragmentation in Fixed Income markets by providing banks and asset managers with a unified low-latency, robust and scalable API. Its \u2018One API for eTrading\u2019 platform provides connectivity to multiple electronic trading venues while supporting a variety of workflows across Fixed Income products. TransFICC enables financial institutions to access their required eTrading venues, while streamlining technology requirements and reducing operational costs.<\/p>\n
TransFICC\u2019s clients include eight top tier investment banks and two of the largest Exchange groups.<\/p>\n
\u201cAs banks and asset managers focus on automating trading workflows to deliver increased efficiency, TransFICC\u2019s \u2018One API\u2019 has been implemented at some of the largest Fixed Income trading banks and Exchanges,\u201d said\u00a0Steve Toland, co-Founder of TransFICC. <\/strong>\u201cAs 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 salesforce.\u201d<\/p><\/blockquote>\n
\u201cWe have already built a modern, robust and cost-effective alternative to legacy systems, but driven by client requirements we are expanding our product suite to deliver a full e-trading system, which will enable clients to also trade manually using our software,\u201d said\u00a0Tom McKee, co-Founder of TransFICC<\/strong>. \u201cAs we add more clients and automate more complex workflows it is also important that we continue to invest in our technology platform, to deliver\u00a0fast and scalable technology, which\u00a0keeps pace with microsecond price updates and provides an audit trail for Best Execution.\u201d<\/p><\/blockquote>\n
\u201cTransFICC\u2019s one API for e-trading service has a huge opportunity to become the defacto standard API gateway between banks and trading\u00a0venues. Our faith in the API\u2019s superiority and future success is borne out by the eight banks and two Exchanges that are now using it, as well as the long pipeline of prospective clients,\u201d said\u00a0Cat McDonald, Investor at AlbionVC\u00a0who joins TransFICC\u2019s Board.<\/strong> \u201cWe expect TransFICC\u2019s service to continue outperforming against expectations,\u00a0thereby confirming the industry-changing nature of what Steve and the team have created.\u201d<\/p><\/blockquote>\n
\u201cThe 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 venues. TransFICC has been leading the way in API translation and continues to develop new products in response to client demand,\u201d said\u00a0Jonathan Lofthouse, Global Head of Markets Technology at Citi.<\/strong><\/p><\/blockquote>\n
\u201cThis additional investment will let TransFICC further extend its connectivity reach and build additional components of the electronic trading stack.\u00a0 Having new UI\u2019s and tools will make it even easier for TransFICC\u2019s clients to adopt their technology and we are very excited to be working with them,\u201d\u00a0said\u00a0Seth Osher, Global Head of Flow Fixed Income IT at HSBC.\u00a0<\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
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