TransFICC secures £5.75m in its Series A

TransFICC, which builds e-trading technology, has secured £5.75m in its Series A round which was led by AlbionVC.

Other contributions to the round came from ING Ventures, HSBC, Citi, Illuminate Financial, Main Incubator (the R&D unit of Commerzbank Group) and The FinLab.

Capital from the round will be used to extend the product and market coverage of its platform.

London-based TransFICC offers low-latency connectivity and workflow services for the fixed income and derivatives markets. Its “one API for eTrading, boosts connectivity to trading venues whilst aiding and streamlining workflows across assets classes such as rates and credit bonds.

TransFICC founder Steve Toland said, “Banks and asset managers are demanding technology solutions which deliver automation and increased efficiency, but they also want a modern and flexible modular design.

“Our technology solution addresses the significant issue of market fragmentation, while enabling trading firms to cut costs and develop a technology stack combining outsourced and in-house technology.”

The FinTech platform previously received an undisclosed strategic investment from Citi Innovation Lab.

AlbionVC partner Robert Whitby-Smith said, “We believe TransFICC has a huge opportunity to 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.”

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