MerQube, described as a trailblazer in technology for the future of index-linked investing, has officially confirmed a significant fundraising achievement.
The firm announced that it successfully raised $22m in its latest Series B funding round. The investment effort was spearheaded by Intel Capital and saw participation from new investor Allianz Life Ventures, as well as existing investors such as Citi, J.P. Morgan, Laurion Capital Management and UBS. Furthermore, as part of the funding agreement, David R. Mueller, Intel Capital Investment Director, will join MerQube’s board of directors.
Addressing the burgeoning global demand for rule-based investment solutions, MerQube has created a niche with its innovative indexing technology. The firm offers cloud-native SaaS platform and API-first solutions that are specially designed to meet this demand. MerQube’s platform employs a data ingestion framework and a building block approach, delivering the computational agility needed to handle massive amounts of data from various sources and roll out cost-effective, rapidly implemented solutions.
MerQube CEO Vinit Srivastava said, “We are thrilled to welcome Intel Capital and Allianz Life Ventures as investors. The support of a leading technology VC firm such as Intel Capital will be instrumental as we deliver on our vision to close the fintech gap in passive investing by providing the best technology available to enable innovative rules-based investment solutions. The participation of a powerhouse such as Allianz Life Ventures will provide strategic direction in the insurance market as we continue to expand to meet the needs of a diverse client base.”
The funds raised will be utilised by MerQube to enhance its engineering capabilities and platform infrastructure. In addition, the company will scale its talent and continue to expand into its key markets.
In May 2023, MerQube received FCA authorisation under Benchmarks Regulation (BMR). In September 2022, it confirmed its adherence to International Organization of Securities Commissions (IOSCO) principles for Financial Benchmarks. Furthermore, MerQube has recently assumed calculation and administration services for the UBS CMCI index family, thereby demonstrating its ongoing commitment to innovation in the FinTech sector.
Sunil Kurkure, Managing Director at Intel Capital said, “The surging market demand for sophisticated tailored indices can be effectively delivered by a cloud-based and API-centric architecture. We believe the next wave of innovation in rules-based investing will be driven by customization at scale to meet diverse investor requirements and drive cost efficiency. MerQube’s technology puts it in a unique position to deliver the solutions this trend will require. Intel Capital is delighted to collaborate with MerQube on this next phase of their journey.”
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