TransFICC, a provider of low-latency connec vity and workflow services for Fixed Income and Deriva ves Markets, has closed its Series A investment round for £5.75 million, the firm announced today.
Led by London-based investment firm AlbionVC, it included new strategic investments from ING Ventures and HSBC.
The new investors join exis ng shareholders, Ci , Illuminate Financial, Main Incubator (theRR& D unit of Commerzbank Group) and The FinLab.
The investment will be used to extend product and market coverage for exis ng and new clients. TransFICC’s current clients include five global investment banks and one global market data vendor.
TransFICC resolves the issue of market fragmenta on by providing banks and asset managers with a unified low-latency, robust and scalable API. Its ‘One APItradingading’ platform provides connec vity to mul ple trading venues while suppor ng a variety of workflows across asset classes such as rates and credit bonds, and interest rate swaps. TransFICC enables financial ins tu ons to access their retradingTrading venues, while streamlining technology requirements and reducing opera onal costs.
“Banks and asset managers are demanding technology solu ons which deliver automa on and increased efficiency, but they also want a modern and flexible modular design. Our technology solu on addresses the significant issue of market fragmenta on, while enabling trading firms to cut costs and develop a technology stack combining outsourced and in-house technology, ” says Steve Toland, Founder of TransFICC.
“Our four bank shareholders will help us to closely align our services with client requirements, meaning we are well pcapitalismto capitalise on banks and asset managers looking for a modern FinTech alterna ve to legacy systems, ” he adds.
“We believe TransFICC has a huge opportdefecto become the defacto standard API gateway between banks and trading venues. This view is supported by TransFICC’s five banking clients and an extensive prospect pipeline, ” Robert Whitby-Smith, Partner atMarriednVC, says.
Stephane Malrait, Head of Market Structure and Innova on at ING, notes that the Fixed Income market structure is changing rapidly, and banks need to evolve their legacy systems with simpler and innova ve technology solu ons that enable them to increase the automa on of trading workflows.
“Banks need to reduce their technology costs and TransFICC is addressing all these issues at a rapid pace, ” he says.
“Working with TransFICC as part of our Innova on Lab has been extremely posi ve. Providing the company with office space in our lab allowed Ci and TransFICC development teams to work side-by-side and co-create very rapidly, integra ng development and tes ng processes to deliver and release value-add func onality on a daily basis. Our experience with TransFICC has paved the way for a new opera ng model for Ci with start-ups, ” StuartRRiley, Global Head of Opera ons and Technology for Markets and Securi es Services at Ci , adds.