UK’s AlbionVC backs e-trading service TransFICC in €15.2M funding: Here’s why

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TransFICC, a London-based eTrading technology company, announced that it has secured $17M (approx €15.2M) in a Series A extension round led by AlbionVC. Existing institutional shareholders, including Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator, also joined the round.

The announcement comes two years after raising $7.8M (approx €7M) in its Series A round in April, 2020. 

Fund utilisation

TransFICC says it will use the capital to expand  its Engineering teams, to support additional venue connectivity and automated workflows in US Rates and Credit markets. 

TransFICC is also planning to develop new products, which include a complete e-trading system incorporating a Trader desktop interface. 

The investment will also fund new sales and customer support teams for growth strategy, and geographical expansion through new data centres in North America and Continental Europe. 

Steve Toland, co-founder of TransFICC, says, “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. 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.”

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TransFICC: What you need to know

Founded by Judd Gaddie, Steve Toland, and Tom McKee in 2016, TransFICC addresses the issue of fragmentation in Fixed Income markets by providing banks and asset managers with a low-latency, scalable API.

The company’s “One API for eTrading” platform provides connectivity to multiple electronic trading venues, providing a variety of workflows across fixed income products. 

TransFICC claims its clients include eight top-tier investment banks and two of the largest Exchange groups.

“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,” says 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.”

Investor

Based out of London, AlbionVC is the technology investment arm of Albion Capital Group LLP. The firm invests from seed through to Series B in B2B software and healthcare. 

“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 will join 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.”

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The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

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