Toronto-based fintech startup, Overbond Ltd., today announced the launch of fully-digital platform for primary bond origination, including a support framework in what it describes as an end-to-end solution.
The Overbond platform aims to provide improved price discovery, greater transparency, and investor diversification to counterparties in the primary bond market, as explained in an official statement regarding the product launch. The platform connects bond market issuers with dealers and fixed-income investors.
The news follows after the firm launching Overbond BPS earlier this year, aimed to improve issuer-dealer communication while providing market analytics, and today’s launch was described as furthering that feature by connecting investors to the network.
We are the first fintech company focused on bringing the multi-trillion-dollar primary bond market closer to a completely digital approach.
From startup to market
Barely a year after being founded, Overbond has already raised $7.5 million in seed financing from Morrison Financial Services, after it emerged from MaRS fintech hub and the Communitech technology innovation super-cluster in Canada.
Commenting in an official statement regarding the launch, Overbond CEO, Vuk Magdelinic, said: “We are the first fintech company focused on bringing the multi-trillion-dollar primary bond market closer to a completely digital approach.”
Mr. Magdelinic added: “While much of the financial services market is embracing digital processes to streamline how they do business, primary bond origination remains one of the few asset classes that still relies on manual processes.”
“Overbond is solving this decades-long challenge for the entire primary bond market using a digital approach that brings all stakeholders together so that bond issuance can be digitally facilitated, and benchmark prices can be discovered more efficiently,” he concluded.