London-based TransFICC, a specialist provider of low-latency connectivity and workflow services for Fixed Income and Derivatives markets, today announced a €22.5 million Series B investment.
The round was led by Citadel Securities and BlackFin Tech. TransFICC has now raised €45.2 million to date from investors AlbionVC, BlackFin Tech, Citadel Securities, Citi, HSBC, Illuminate Financial, ING, and neosfer (the early-stage investor and innovation unit of Commerzbank Group).
Steve Toland, TransFICC Co-founder 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.”
Founded in 2016, TransFICC provides trading technology for Fixed Income, building high performance and robust technology to address the issues of fragmentation, complex workflows, data throughput and regulation.
Services include ‘One API for eTrading’, Data Centres, ‘IRS and Credits eTrading’ and Consolidated Tape, which reportedly deliver workflow efficiency, low latency, scalable and secure connectivity for banks and the buy-side.
Amit Bhuchar from Citadel Securities added, “Citadel Securities has a long history of developing innovative solutions to help our clients and partners address their most complex liquidity and execution challenges. We are pleased to partner with TransFICC to shape the future of Fixed Income market making through increased automation, connectivity and efficiency.”
Michele Foradori from BlackFin Tech added, “TransFICC is providing a piece of critical infrastructure for Fixed Income markets. We are excited by the pace of innovation taking place in this space and fully embrace Steve, Judd and Tom’s vision to make TransFICC the go-to solution for all market participants to electronically trade any Fixed Income product.”
TransFICC offers a unified API designed to streamline electronic trading across various Fixed Income and Derivatives markets. Their technology emphasises low-latency performance, scalability, and resilience, addressing the challenges posed by market fragmentation and evolving regulations.
By providing a single point of connectivity, TransFICC aims to enable financial institutions to efficiently interact with multiple trading venues, simplifying the complexities associated with diverse market structures and protocols.
TransFICC’s clients now include 20 market participants and three exchange groups.
Judd Gaddie, TransFICC Co-founder said, “Now more than ever, market makers need to quote quickly to win business. TransFICC has already built data centre hosting in North America, Europe and Asia. Additionally, we are hosting our client’s applications on the TransFICC platform to reduce latency.”
Tom McKee, TransFICC Co-founder said, “Fixed Income trading firms need to support and expand venues and workflows while maximising efficiency. However, the time and development costs of connectivity can be significant. At TransFICC, our intention is to enhance our venue and workflow support so that clients can connect more quickly and at a lower cost.”
