TransFICC Raises $25 Million In Series B Round Led By Citadel Securities
Summary
BlackFin Tech also joined the round, alongside existing backers including AlbionVC, Citi, HSBC, Illuminate Financial, ING, and neosfer, the early-stage investor affiliated with Commerzbank. We are excited by the pace of innovation taking place in this space and fully embrace Steve, Judd and Toms vision to make TransFICC the go-to solution for all market participants to electronically trade any Fixed Income product.The company has focused on simplifying and accelerating connectivity to electronic venues, allowing trading firms to reduce the time and cost associated with developing and maintaining custom connections. TransFICC currently supports over 60 trading venues and its client base includes 20 market participants and three exchange groups.Steve Toland, co-founder at TransFICC, said, Wide-ranging structural changes, including the increased adoption of algo tools, the growth of all-to-all markets and the rise of Fixed Income ETFs are driving volumes up, creating increased demand for automated solutions. TransFICC launched TransACT (Automated Customer Trading) last year to address this need in Credit and is now extending asset class coverage to Government Bonds, IRS and Repo.Judd Gaddie, also a co-founder, noted, Now more than ever, market makers need to quote quickly to win business. Additionally, we are hosting our clients applications on the TransFICC platform to reduce latency.Tom McKee, co-founder, commented, Fixed Income trading firms need to support and expand venues and workflows while maximising efficiency.