Collateral and margin management service provider CloudMargin has completed a $10 million funding round, with new investors including Jefferies and IHS Markit.
The funding round also included the venture investing arm of Leucadia National Corporation, while current investor Illuminate Financial Management also contributed to the investment.
CloudMargin has expanded its partnership with IHS Markit allowing its clients access to the firm’s collateral management services.
“CloudMargin had the foresight to disrupt the industry with an innovative collateral solution native to the cloud that is robust, agile and cost effective,” said Ed Chidsey, managing director and head of pricing, valuations and reference data at IHS Markit.
“These were key factors in our decision to not only to invest in the company, but to embrace them as a strategic commercial and technology partner as well.”
CloudMargin claims it has more than doubled its client base over the past 12 months, with global and regional asset managers, banks, hedge funds, and insurance brokers across the US, Europe and Asia-Pacific.
It added that two global investment banks are set to go-live with its service by the end of this year, leading to significant growth in its buy- and sell-side network.
“This investment allows CloudMargin to continue to provide unique value in the marketplace and capitalise on the significant demand from sell-side and buy-side capital markets participants for our solution,” Steve Husk, CEO at CloudMargin commented.
“As CloudMargin remains the only native cloud-based offering in the space, we are ever-focused on improving the platform continuously while leveraging its accessibility, pricing flexibility and community that can be harnessed only with cloud technology.”