Trumid, an electronic trading platform for corporate bonds, has picked up a $53m growth investment.
The lead investor of the round was Singapore Exchange, an Asia-based multi-asset exchange in Asia. This deal will support Trumid’s access to the Asian market by utilising SGX’s regional expertise and footprint.
Existing Trumid partner Deutsche Börse Group also participated in this growth investment round.
Founded in 2014, the company provides corporate bond market professionals access to liquidity and market intelligence. Its platform uses a network and data science to support credit market participants make informed decisions.
The company has a user network of more than 400 buy-side and sell-side institutions. Daily trading volume was up three-times compared to the same quarter last year. According to the company.
This capital injection will be used to scale the company’s US operations and expand its protocols, products and geographies.
Trumid president Mike Sobel said, “This has been a major growth year for Trumid. This capital round enables us to continue delivering innovative solutions to the market and to expand our product footprint. We’re thrilled about the new partners we’ve brought on board as well as the continued support from our existing investors.”
Last year, Deutsche Börse Group acquired a minority stake in Trumid, in a deal worth $10m. The deal was made to support collaboration between the two to build products and services for the European market.
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