Transcend, a US startup specialising in de-risking collateral decision making, has closed an over-subscribed $10 million Series A funding round led by Nyca Partners.
Transcend says it has seen rapid growth as collateralised businesses look to more efficiently deploy cash and securities across their firms. In particular, it has benefited from recent capital, liquidity and regulatory drivers, such as the uncleared margin rules for bilateral derivatives trading.
These changes require significant upgrades in the capabilities and infrastructure of many firms, such as connecting siloed internal platforms and developing critical common capabilities, to remain competitive and compliant.
Founded in 2013, the firm has seen its client base more than double in the last two years to include 10 of the world's largest banks and brokerage firms. The new funding will be used to scale product and sales infrastructure.
Bimal Kadikar, CEO, Transcend, says: "As a team, we are not alone in believing that analytics, optimization and automation can provide a significant competitive advantage for firms' funding and liquidity challenges. This investment will enable us to accelerate our global ambition and target our solutions across a range of sell-side and buy-side stakeholders."