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London fintech TransFICC snags $17M for its e-trading technology


London-based TransFICC, a low-latency connectivity and workflow services provider for Fixed Income and Derivatives Markets, has recently raised a $17M Series A extension funding round. All existing institutional owners participated in this investment round, which followed the original Series A for $7.8M, announced in April 2020, and was led by AlbionVC.

Backed by AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator (the Early Stage CVC unit of Commerzbank Group), TransFICC will use the new funding to grow the company’s engineering teams in order to offer more venue connections and automated processes in the US Rates and Credit markets, including US Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS, and CDS products. Besides that, additional products will be developed, including a whole e-trading system with a Trader desktop interface. 

Use of funds

Additional sales and customer support teams will be funded as part of the investment, which is in line with the company’s ambitious growth strategy and global expansion through new data centres in North America and Continental Europe.

Launched in 2016 by Steve Toland, Judd Gaddie and Tom M., TransFICC eliminates market fragmentation by delivering a consistent low-latency, resilient, and scalable API to banks and asset managers.

One API for eTrading

Its ‘One API for eTrading’ technology connects to different trading venues and supports a wide range of processes spanning asset classes like Rates and Credit Bonds, as well as Interest Rate Swaps.

TransFICC helps financial institutions to gain access to their essential eTrading venues while decreasing operational expenses and streamlining technical needs.

Eight of the world’s top investment banks and two of the world’s leading exchange groups are among TransFICC’s clients.

“TransFICC’s ‘One API’ has been implemented at some of the largest Fixed Income trading banks and Exchanges,” said Steve Toland, co-Founder of TransFICC. “As banks and asset managers focus on automating trading workflows to deliver increased efficiency, TransFICC’s ‘One API’ has been implemented at some of the largest Fixed Income trading banks and Exchanges.” “As we continue to build on our success, we are pleased to have received more funding from our existing shareholders, which will be used to expand our Engineering teams, create new products, open new offices in New York and Brussels, and expand our salesforce.”

“We’ve already built a modern, robust, and cost-effective alternative to legacy systems,” said Tom McKee, co-Founder of TransFICC. “But, driven by client demand, we’re expanding our product suite to deliver a full e-trading system, which will enable clients to trade manually using our software as well.” “As we add more customers and automate more complicated procedures, it’s critical that we continue to invest in our technology infrastructure to deliver fast and scalable technology that keeps up with microsecond price updates and provides an audit trail for Best Execution,” says the company.

“TransFICC’s single API for e-trading service has a great chance of becoming the de facto standard API gateway between banks and trading venues.” “Our belief in the API’s quality and future success is borne out by the fact that it is now used by eight banks and two exchanges, as well as a lengthy pipeline of potential clients,” said Cat McDonald, an investor at AlbionVC who has joined TransFICC’s Board. “We anticipate TransFICC’s service continuing to surpass expectations, proving the game-changing nature of what Steve and his team have produced.”

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