Embed, one of the emerging financial startups, recently announced that the company has raised $60 million in Series A funding. Together with the company’s seed funding announced in April, Embed has now raised $80 million across both equity and debt.
In an official announcement shared by the company, the latest $60 million funding round includes $20 million in equity and a $40 million flexible debt facility from TriplePoint Capital. The Treasury, GFC, Torch Capital, TI Platform Management, PruVen Capital, Fin VC, Bain Capital Ventures, SWS Ventures and several other participants joined the latest funding round.
In addition to the Series A investment, Embed announced that its wholly-owned SEC-registered FINRA member broker-dealer subsidiary Embed Clearing LLC, has been approved as a member of the Nasdaq Stock Market LLC, as well as a correspondent clearing member of National Securities Clearing Corporation (NSCC) and custody member of The Depository Trust Company (DTC).
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In the latest announcement, Michael Giles, Founder and CEO of Embed Financial Technologies, mentioned that the company is planning to provide innovative financial solutions. Giles also thanked investors for their support.
Clearing and Custody
Embed is working on modern clearing and custody services. “18 months in the making, we have now received all the necessary approvals to execute, clear, settle and custody US-listed equities (stocks & ETFs), entirely through our own proprietary technology infrastructure, for other broker-dealers, registered investment advisers, banks and trust companies. With this Series A round, we are now fully funded to launch and scale our early clients in Q4 and beyond, with the ability to support fully disclosed and omnibus business models,” Giles mentioned in an official post on Medium.
Earlier this year, Embed announced $20 million in seed funding from a group of investors including Propel Venture Partners, Y Combinator, Bain Capital Ventures, Homebrew, Acrew Capital and SWS Ventures along with solo investors Lachy Groom and Josh Buckley.