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AlbionVC leads $17m Series A extension in TransFICC

New, by AlbionVC

AI / Data Fintech


AlbionVC today announces that is had led a $17 million Series A extension in TransFICC alongside existing institutional shareholders, which follows the original Series A for $7.8 million, announced in April 2020.

TransFICC’s investors are AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator (the Early Stage CVC unit of Commerzbank Group).

The new investment will primarily be used to expand TransFICC’s Engineering teams, to support additional venue connectivity and automated workflows in US Rates and Credit markets, including US Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS and CDS products. Additionally, new products will be developed, which includes a complete e-trading system, incorporating a Trader desktop interface. The investment will also fund new sales and customer support teams, aligned with an ambitious growth strategy and geographical expansion through new data centres in North America and Continental Europe.

TransFICC resolves the issue of fragmentation in Fixed Income markets by providing banks and asset managers with a unified low-latency, robust and scalable API. Its ‘One API for eTrading’ platform provides connectivity to multiple electronic trading venues while supporting a variety of workflows across Fixed Income products. TransFICC enables financial institutions to access their required eTrading venues, while streamlining technology requirements and reducing operational costs.

TransFICC’s clients include eight top tier investment banks and two of the largest Exchange groups.

“As banks and asset managers focus on automating trading workflows to deliver increased efficiency, TransFICC’s ‘One API’ has been implemented at some of the largest Fixed Income trading banks and Exchanges,” said Steve Toland, co-Founder of TransFICC. “As we build on this success, we are very happy to have attracted additional investment from our existing shareholders, which will be used to expand our Engineering teams, develop new products, open new offices in New York and Brussels, and add to our salesforce.”

“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.”

“TransFICC’s ‘One API’ for e-trading service has a huge opportunity to become the defacto standard API gateway between banks and trading venues. Our faith in the API’s superiority and future success is borne out by the eight banks and two Exchanges that are now using it, as well as the long pipeline of prospective clients,” said Cat McDonald, Investor at AlbionVC who joins TransFICC’s Board. “We expect TransFICC’s service to continue outperforming against expectations, thereby confirming the industry-changing nature of what Steve and the team have created.”