FX HedgePool has secured $8 million in Series A funding, led by Information Venture Partners, with participation from Fidelity International Strategic Ventures and NAventures.
Launched in January 2020, FX HedgePool claims to have facilitated more than $4 trillion in matched foreign exchange trades.
The firm said it planned to use the additional funding to accelerate its multi-product strategy, which aims to improve efficiencies for its growing network of investment managers and banks.
In addition, FX HedgePool will launch the FXHP Innovation Pool – a platform for leaders in finance to collaborate and address challenges from within the industry.
“Our new partnerships will further strengthen FX HedgePool’s ability to deliver on a shared vision of changing the market for good,” said Jay Moore, CEO and co-founder of FX HedgePool.
“We’ve led the market towards peer-to-peer matching, and this investment will allow us to continue innovating to bring efficiency, cost savings and better outcomes for the investment community.”
FX HedgePool currently has more than 30 global institutions using its platform. To meet increasing demand from its growing community of buy-side participants, the firm has revealed plans to launch an FX spot matching service before the end of the year.
According to FX HedgePool, this extension of its product suite will further reduce market impact, tracking error, cost transparency and operational inefficiencies for buy-side participants in the foreign exchange market.