Kooltra, a platform helping financial institutions to automate foreign exchange operations, has bagged CAD $6.5m ($5m) in funding.
The investment was made by Hyde Park Venture Partners, Round 13 Capital, Salesforce Ventures and previous backer Real Ventures. This round brings Kooltraâ€™s total funding to CAD $8.8m ($6.8m).
Kooltra helps financial institutions to save customers money and increase their own margins and profits by updating outdated and manual foreign exchange processes.
The platform helps money services businesses, banks and credit unions to automate and streamline their FX solutions to improve international trade experience and ensure compliance.
Small and large brokerages, hedge funds, and market makers can use the platform to aggregate, manage, process and analyse a large number of FX transactions, as well as replace legacy technology.
The company processes billions of dollars in daily transactions across Canada, Australia, and the UK – it recently expanded into the US.
This equity injection will be used to expand its engineering, sales and customer success teams, and grow its operations in the UK. Alongside this, Kooltra will look to pursue over 3,000 prospective regional and community bank and credit union customers in the US.
Hyde Park Venture Partners principal Greg Barnes said, â€œThe opportunity to transform the foreign exchange market is massive. The more we understand about banksâ€™ and non-banksâ€™ return on investment, the more weâ€™ll be able to spread cloud-driven automation, compliance and efficiency gains to players up and down the ecosystem.â€
Earlier in the year, Hyde Park Venture Partners took part in the $9.3m Series A round of big data platform Zylo. The comapny uses machine learning to search through a companyâ€™s real-time expense data to extract all cloud and SaaS related expenses.
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