Singapore-based iLex, an online trading market for corporate loans, has closed its seed funding round.
While the contributors were not revealed, they span France, Hong Kong, Singapore and the US.
With the close of the capital round, the FinTech is looking to bolster the development of its platform, including its matching engine and trading protocols, as well as its data and analytics tools.
iLex is an electronic market and trading platform for corporate loans and offers digital end-to-end automation of trade execution. Its aim is to boost liquidity and efficiency in the loan market.
The platform supports a multi-lateral electronic market which augments the network, deal flow and liquidity opportunities for loan market participants. Banks and non-bank lenders looking to sell or syndicate loans will be able to reach a larger selection of buyers, including other banks and institutional investors.
iLex CEO and founder Bertrand Billon said, “Despite being the world’s second largest source of capital after equities, the corporate loan market remains primarily relationship-driven and relying on inefficient manual processes.
“As evidenced by the electronification of other asset classes such as equities, foreign exchange or bonds, significant benefits can be derived from an electronic market, including the lowering of costs and operational risks and improving liquidity and price discovery for the loan market.”
The FinTech has also signed a memorandum of understanding (MOU) with IHS Markit, a critical information and analytics solution. Its deal will see them work together on strategic initiatives.
Billon said, “Through strategic partnerships and integration with leading third-party solutions such as those from IHS Markit, we will enable straight-through processing of loan syndication and trading transactions, supported by the highest security, compliance and data privacy standards, as required by the market.
“We are delighted to welcome IHS Markit as a strategic partner and look forward to achieving mutually beneficial synergies and collaboration to transform market practices and accelerate the adoption of our platform across Asia Pacific.”
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