TransFICC closes $17 million investment led by AlbionVC

New investment will be used to expand TransFICC’s engineering teams and to support the company’s growth strategy and geographical expansion.

Fixed income and derivatives venue connectivity specialist TransFICC has closed a $17 million Series A extension funding round led by AlbionVC.

The investment round included all existing institutional shareholders and follows its initial Series A for $7.8 million, announced in April 2020.

Amongst TransFICC’s investors are AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures and Commerzbank Group’s early-stage CVC unit, Main Incubator.

The new investment will be used by TransFICC to expand its engineering teams and to support increased venue connectivity and automated workflows in US Rates and Credit markets. 

New products will also be developed thanks to the new investment, including a complete e-trading system incorporating a trader desktop interface.

In addition, to help support TransFICC’s growth strategy and geographical expansion through new data centres in North America and Continental Europe, new sales and customer support teams will be funded by the investment.

“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,” said 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.”

Last month, TransFICC launched an EU fixed income consolidated tape model pilot with the hope of becoming the preferred technology provider for the bloc. Speaking to The TRADE, Steve Tolan, co-founder of TransFICC, noted that since the model is based on existing market infrastructure, costs and time to market would be reduced.