MerQube, which offers technology for indexing and rules-based investing, has raised $8m in funding.
Laurion Capital Management served as the lead backer, with commitments also coming from Citi, J.P. Morgan, Morgan Stanley and UBS.
The funds will enable MerQube to invest in the development of its platform as it expands into key markets.
US-based MerQube, which launched in 2019, leverages disparate data sources spanning equities, futures, options, crypto, and other alternative data sets, to build complex strategies and leverage the advantages of cloud-native technology.
Laurion Capital Management head of derivatives Emmanuel Naim said, “We believe that the indexing business is set to further expand as the exceptional growth of passive investing continues. MerQube, with its technology-driven approach and the long-standing experience of its team, is set to become a key actor in this space.
“MerQube is able to meet investors’ ever-increasing need for financial innovation by delivering a wide range of bespoke index solutions across asset classes. Laurion Capital Management is delighted to lead this investment round as MerQube’s growth accelerates.”
MerQube previously raised $5m in its Series A, which was led by JP Morgan. The company also raised $2m in its seed round.
Last month, Pebble closed a seed round to support the development of its indexing services. It offers a personalised index ETF that helps people make their own ETF. The company will use the funds to streamline the app and improve user experiences.
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