TransFICC, a London-based company creating an API layer for e-trading, has raised a £5.75 million Series A round led by AlbionVC. ING Ventures and HSBC also participated in the round, joined by existing investors Citi, Illuminate Financial, Main Incubator (the R&D unit of Commerzbank Group) and The FinLab. The fintech startup provides banks and asset managers with an API that streamlines multiple trading venues and activities in one place. The company says that through low latency connectivity, the platform is able to keep up with massive data transfers and price fluctuations common to high-frequency trading. Though the main issue it claims to solve is market fragmentation. “Our technology solution addresses the significant issue of market fragmentation, whilst enabling trading firms to cut costs and develop a technology stack combining outsourced and in-house technology,” says Steve Toland, the company’s founder. So far TransFICC’s services are geared to the fixed income and derivatives markets. Clients include five global investment banks and one global market data vendor, according to a press release. The new funding will go toward product development and securing new clients from what AlbionVC partner Robert Whitby-Smith calls “an extensive prospect pipeline”.
Photo: TransFICC team