Duco, a UK-based fintech provider of hosted reconciliation services, has unveiled its new European regional headquarters in Luxembourg, according to a Duco statement.
The news follows after last month’s announcement that Duco has opened a US office, following steadfast growth in its trading venues. As such, to meet a mounting demand, Duco launched a new subsidiary in the US, tapped Duco Technology. Duco has since appointed David Zelinger, a former Duco Cube customer, as its New York office head and Managing Director of Duco Technology.
Duco’s newest expansion is viewed as the next step in its global expansion plans. Its new Luxembourg office will house a complete staff, including sales personnel, client support, and marketing across the entirety of the northern European region.
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Duco’s main product, Duco Cube, helps provide on-demand reconciliation services that can be analyzed on a web based front end – the group has received strong demand for its solution in recent months with its Duco Cube offering having reconciled more than one billion transactions.
According to Duco’s Chief Executive Officer and Co-Founder Christian Nentwich, in a recent statement on the opening of the new office: “Following a very successful 18-month growth period where we built our client base from zero to 28 financial and service organizations, the recent significant ‘series B’ investment by ICAP and the establishment of our New York office, expanding further into Europe was the logical next step.”
“Luxembourg is an ideal location for Duco given its importance as a hub for many financial institutions, particularly as a recognized centre of excellence in post-trade administration, middle- and back-office and accounting operations,” added Michael Marconi, Duco Chief Technology Officer and Co-Founder, in an accompanying statement.
“We anticipate that our Duco Cube reconciliation platform will be very well received in this community and in the neighbouring European states, as firms look to embrace new technologies to improve control functions, reduce cost, ensure regulatory adherence and improve end customer service.”