TransFICC Receives Fresh Investment From Citi, Joins Innovation Lab

The bank joins Commerzbank and the United Overseas Bank as an investor in the start-up

TransFICC, a provider of low-latency connectivity for fixed income and derivatives markets, announced this Monday that it has received investment from Citi. The start-up did not confirm how much investment it received from the global financial-services giant.

Judd Gaddie, Co-Founder, TransFICC commented on the deal saying: “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. We look forward to working with Citi, as our new shareholder, and leveraging their industry knowledge to build out our future strategy.”

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In addition, TransFICC has joined Citi’s Innovation Lab in London, the first external company to do so. Launched in February 2018, the London Innovation Lab supports Citi’s Markets and Securities Services business with a focus on building a variety of tech-solutions, such as data visualization products, for its clients.

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LMAX execs

Founded in 2016 by a number of former LMAX executives, TransFICC provides a variety of electronic trading solutions. For instance, the firm provides messaging services and binary encoding solutions.

Citi joins a number of existing investors in the firm. Main Incubator, the research and development unit of Commerzbank, has already taken a stake in the start-up firm. Other investors include Illuminate Financial and the FinLab, a joint venture between the United Overseas Bank and Singapore Innovate.

Stuart Riley, Global Head of Operations and Technology for Markets and Securities Services, discussed the deal noting: “Our Innovation Lab enables external firms to work alongside Citi engineers under the same roof, helping to build London’s innovation ecosystem. TransFICC’s approach to Continuous Delivery and high-performance messaging, combined with its innovative business model for Capital Markets Fintech makes it a good fit for the Lab.”

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