Low latency trading and workflow outfit TransFicc has closed a series A investment round of £5.7 million led by Albion VC with participation from new investors ING and HSBC.
The new investors join existing shareholders, Citi, Illuminate Financial, Main Incubator (the R&D unit of Commerzbank Group) and The FinLab.
TransFicc provides banks and asset managers with an API for connecting to multiple trading venues while supporting a variety of workflows across asset classes such as rates and credit bonds, and interest rate swaps.
The firm's current clients include five global investment banks and one global market data vendor.
At Citi, the firm has been working alongside banking staff at the bank's London Innovation Lab, the first such startup to do so following an equity partnership deal struck in 2018.
Stuart Riley, global head of operations and technology for markets and securities services at Citi, says: “Providing the company with office space in our lab allowed Citi and TransFICC development teams to work side-by-side and co-create very rapidly, integrating development and testing processes to deliver and release value-add functionality on a daily basis. Our experience with TransFICC has paved the way for a new operating model for Citi with start-ups.”
TransFicc was founded by former LMAX, Icap and Reuters executive Steve Toland in 2016, in partnership with ex-LMAX software developers, Judd Gaddie and Tom McKee.
Toland says the new funds will be used to extend product and market coverage for existing and new clients
"Our technology solution addresses the significant issue of market fragmentation, while enabling trading firms to cut costs and develop a technology stack combining outsourced and in-house technology," he says. “Our four bank shareholders will help us to closely align our services with client requirements, meaning we are well positioned to capitalise on banks and asset managers looking for a modern FinTech alternative to legacy systems.”