Capitolis, a ‘next generation’ provider of capital markets technology, has raised $29m from Index Ventures and Sequoia Capital.
The funding came from a $20m Series A investment led by Index Ventures and a prior seed round of $9m from Sequoia Capital. Capitolis was founded in 2017 by Gil Mandelzis, the former CEO of EBS BrokerTec, part of ICAP, and founder of Sequoia-backed Traiana , Tom Glocer, former CEO of Thomson Reuters and Igor Teleshevsky, formerly executive VP and head of technology at Traiana.
With offices in New York, London and Tel Aviv, the company is designing multiple new products and services to address capital markets constraints, initially in equities and foreign exchange. It will said it will employ Capitolis’ proven expertise in finance, distribution and processing to ‘better connect appropriate capital’ with the ‘best collaborative solutions’ to clients all over the world. The company will announce its initial services and products later this year.
Gil Mandelzis, CEO of Capitolis said: “We believe there is a significant and untapped opportunity to better distribute capital through the system which can be unlocked by the appropriate products, skills, experience and focus that Capitolis brings. We have seen a very positive response from our partner banks, institutional investors and clients who understand the benefits of the approach that we are leading. And we have assembled an extraordinarily capable team with a range of skills and talents to help achieve this.”
Among those joining Capitolis’ management team are several executives with decades of experience in financial services including Justin Klug, formerly of Credit Suisse and Bank of America Merrill Lynch, Joseph Tarditi, former managing director and head of US short rate sales at Bank of America Merrill Lynch, and David Lamb, formerly of Morgan Stanley and Citi.
The management team also includes financial technology veterans Illit Geller, formerly co-founder and CEO of TradAir and Head of Business Development at Traiana and Ben Tobin, formerly EMEA Sales Director at EBS BrokerTec and previously also at Traiana.
Index Ventures’ previous FinTech investments include payments startup Returnly, InsurTech business Metromile, payments solution Revolut, funding platform Property Partners and marketplace lender Auxmoney, among others. Sequoia Capital’s FinTech portfolio includes InsurTech startup Lemonade, e-commerce startup Healthkart, security technology business Safe breach and e-commerce platform ZoomCar.
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