TransFicc, the London-based provider of a single API for electronic trading and workflow in fixed income markets, has closed a Series A extension for $17 million.
Led by AlbionVC, all existing institutional shareholders took part in this investment round, which follows the original Series A for $7.8 million, announced in April 2020.
TransFICC’s investors are AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator - the Early Stage CVC unit of Commerzbank.
TransFicc's ‘One API for eTrading’ platform provides connectivity to multiple electronic trading venues while supporting a variety of workflows across fixed income products.
The company's clients include eight top tier investment banks and two of the largest Exchange groups.
Jonathan Lofthouse, global head of markets technology at returning investor Citi, says: “The market structure in fixed income is evolving rapidly, and trading firms need modern, simple and innovative technology solutions to automate their trading workflows and quickly connect with numerous venues. TransFicc has been leading the way in API translation and continues to develop new products in response to client demand.”
TransFicc says the new investment will primarily be used to expand its engineering teams, to support additional venue connectivity and automated workflows in US Rates and Credit markets, including US Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS and CDS products. Additionally, new products will be developed, which includes a complete e-trading system, incorporating a Trader desktop interface. The investment will also fund new sales and customer support teams, aligned with geographical expansion through new data centres in North America and Continental Europe.
“We have already built a modern, robust and cost-effective alternative to legacy systems, but driven by client requirements we are expanding our product suite to deliver a full e-trading system, which will enable clients to also trade manually using our software,” says Tom McKee, co-founder of TransFicc. “As we add more clients and automate more complex workflows it is also important that we continue to invest in our technology platform, to deliver fast and scalable technology, which keeps pace with microsecond price updates and provides an audit trail for Best Execution.”