Neptune Networks, a data platform for the bond market, has scored $15m in a funding round which was raised from a number of institutional investors.
The round was supported by Bank of America, Barclays, BBVA, BNP Paribas, Citi, Crédit Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs, ING, J.P. Morgan, Morgan Stanley and UBS.
Having closed the round, the FinTech hopes to improve its technology and data platform, as well as its overall business structure.
Neptune Networks is planning to enhance its coverage, particularly in the US, where its services have seen substantial growth over the past 18 months, it said.
The FinTech platform provides accurate and timely data which helps connect the bond market.
BBVA head of FI Flow Trading Victor Rodriguez said, “At BBVA we feel it is important to deliver digital solutions to our clients and by partnering with Neptune we have been able to successfully deliver pre-trade data directly into investment firms.
“We believe it is now time to build on that success by adding more opportunities to interact digitally with our investor clients based on Neptune’s low-cost utility model. This will benefit both our clients in terms of improved data, workflows and analytics, and the Fixed Income industry as a whole.”
Neptune has 28 dealers contributing real-time axe and inventory data to institutional buy-side clients in various asset classes including credit, rates and emerging markets.
Interim Neptune Networks CEO Byron Cooper-Fogarty said, “Neptune is a truly collaborative project, where we have continued to see buy-side adoption. This is particularly so as we’ve provided further connectivity flexibility via OMS and EMS integration, our own web-based portal and an API option that has become increasingly popular over the past 12-months.
“As a result, the user types on the buy-side has evolved to include not only trading but also portfolio management and research. This investment will allow us to add more value to this client base.”
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