London-based Opengamma, provider of a software-as-a-service-based analytics resource for derivatives traders requiring efficient capital allocation, has raised raised $10 million in funding led by early-stage fintech and B2B software venture capital firm Dawn.
The company says the new investment - which includes participation from existing investors Accel, CME Ventures and ex-SunGuard CEO and fintech angel investor Cristóbal Conde - comes in the wake of a 300% increase in recurring revenue over the past 12 months, driven by a regulatory push to shore up risks in global derivatives markets.
Peter Rippon, Opengamma CEO, says: “Regulation has created new opportunities for firms like OpenGamma. We work with key market infrastructure providers, including CME Group, Eurex, JSCC as well as top tier banks, to ensure we have access to the models needed to solve a key industry problem: the rising cost of trading derivatives.”
He says the new funding will be used to grow its teams in London, New York and Singapore and to introduce new new products in the collateral and treasury space to complement its existing margin product.