Citi invests in e-trader TransFICC to make innovation click
Citi joins existing shareholders, Illuminate Financial, Main Incubator (part of Commerzbank) and The FinLab. Financial details were not disclosed.
According to TransFICC, it provides banks and asset managers with a unified low-latency, robust and scalable API.
Judd Gaddie, co-founder, TransFICC, says: “Fragmentation is a significant, and growing, issue for fixed income and derivatives markets. We have built a technology solution, which addresses an industry level problem, as dealers seek to cut their costs and improve efficiency, whilst still needing to access numerous pools of liquidity.”
There are no details about what the money from Citi will be used for.
In addition to the investment, TransFICC has joined Citi’s Innovation Lab in London, the first external company to do so.
Launched in February 2018, the lab supports Citi’s Markets and Securities Services business globally with a focus on solutions using data science and visualisation, and computing.