FX HedgePool, a peer-to-peer matching platform for institutional foreign exchange transactions, has bagged $8m in Series A funding.
The round was led by Information Venture Partners and saw participation from NAventures and Fidelity International Strategic Ventures.
Established in 2020, FX HedgePool has facilitated over $4trn in matched foreign exchange trades for dozens of firms since inception.
FX HedgePool said it is guided by a ‘10X innovation philosphy’ that has allowed the company to react to market demand by delivering thirty product releases annually, compared to an average of three achieved by most incumbents.
This agility, the firm claims, has enabled it to design and develop its first platform prototype in just four weeks back in 2019. Over the following 16 weeks, it delivered the minimum viable product that facilitated the first ever live peer-to-peer FX swaps trades in January 2020 – the platform has rapidly evolved with new releases every 1 to 2 weeks.
FX HedgePool recently revealed its plans to launch an FX spot matching service by the end of the year to meet growing demand from its expanding community of buy-side participants. This will help to further reduce market impact, tracking error, cost transparency and operational ineffencies for buy-side participants in the foreign exchange market, the company claimed.
The newly raised capital will help FX HedgePool speed up its multi-product strategy aimed at delivered further efficiencies for its growing network of investment managers and banks. The company is also launching the FXHP Innovation Pool, a community in which leaders in finance collaborate to address industry challenges by pushing the boundaries of technology to revolutionize the world’s largest financial marketplace.
FX HedgePool recently announced its intentions to launch an FX spot matching service by year-end to meet growing demand from its expanding community of buy-side participants. This natural extension of the company’s product offering will serve to further reduce market impact, tracking error, cost transparency and operational inefficiencies for buy-side participants in the foreign exchange market.
FX HedgePool CEO and co-founder Jay Moore said, “Our new partnerships will further strengthen FX HedgePool’s ability to deliver on a shared vision of changing the market for good. We’ve led the market towards peer-to-peer matching, and this investment will allow us to continue innovating to bring efficiency, cost savings and better outcomes for the investment community.”
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