London-based Tradefeedr operates as a trusted intermediary, which facilitates the exchange of trading information between market players for improved decision making. Now, this company established in 2018 by Balraj Bassi and Alexei Jiltsov has announced that it has raised $3M (nearly €2.5M) early-stage funding.
Investment led by IPGL
The majority of the new funds come from IPGL, the private investment company owned by Lord Michael Spencer, the founder of global markets company, ICAP plc and subsequently financial technology business, NEX plc. IPGL is a leading fintech investor with a focus on new applications for the wholesale market.
Spencer is one of the UK’s most successful entrepreneurs. In a career spanning over 40 years on the financial markets, he set up a specialist derivatives broker in 1986, Intercapital, took it public via a merger with EXCO in 1998 and a year later merged it with Garban to become ICAP, a company that joined the FTSE 100 2006.
Tradefeedr will use the investment to modernise trading analytics workflows.
According to Tradefeedr, it allows clients to query and analyse their FX trading data from participating liquidity providers and ECNs via a standardised API, enabling them to improve the quality of their trade execution.
The company claims that its goal is to interconnect all liquidity providers, trading platforms and ECNs to their clients through a unified Data API across multiple asset classes.
“Tradefeedr was born of the fact that to achieve better execution both liquidity providers and liquidity consumers need to engage better and what was missing in that interaction is a common data platform. For the first time FX players can use and query a dedicated trade-event repository to share relevant metrics without revealing sensitive details,” says Jiltsov, co-founder at Tradefeedr.
Appoints new chairman
Seth Johnson, former CEO of NEX Markets also supported the fundraising. Besides this, he has been appointed as Tradefeedr’s Chairman to support the business in its development.
Seth Johnson said: “I am delighted to become chairman of Tradefeedr and have the opportunity to back the business. Tradefeedr is precisely the type of company we used to look to invest in when I was at NEX – one with great technology, a great product and great growth potential, as well as talented and expert founders. I am looking forward to working with Balraj and Alexei to help them deliver on the company’s potential.”