TradAir announced this Monday that it has completed a Series D investment round, in which it managed to secure $11 million which it plans to use to expand its global business, including further developing its flagship foreign exchange (forex) platform.
The funding round was led by new investors GF Investments and the family office of Harvey Golub, who is the former Chairman and Chief Executive Officer (CEO) of American Express.
The existing investors who participated include Long Ridge Equity Partners and Viola Ventures. As part of the Series D round, the new investors will now have a seat on the company’s Board of Directors.
TradAir to build its FX platform and network
TradAir provides institutional trading solutions for FX and digital assets. The $11 million will be put towards building its FX platform, world-class graphical user interface (GUI), repo platform, crypto platform, and FX Network, the statement said.
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In addition to this, the technology provider also plans on adding more leaders to its company to help support it during a time of fast growth. Namely, the London-based firm plans to expand its sales and marketing team.
Commenting on the announcement, Ayal Jedeikin, CEO and Co-Founder of TradAir said: “Regional banks and brokerages across the world – and their clients – continue to pay inefficiently high trading costs because they do not have the in-house capabilities to build a full-suite of trading software or the budgets to work with legacy software vendors.”
“TradAir’s state-of-the-art platform enables these participants to capture more value from each trade, effectively putting them on a level playing field with bulge bracket banks’ FX and other non-centrally cleared trading desks. With this latest round of funding, we see a direct path toward global expansion.”
Over the past year, TradAir has achieved revenue growth of 45 percent. It has also ventured further into the cryptocurrency industry. As Finance Magnates reported, towards the end of last year, the firm’s CEO at the time saw much potential in the industry and plans to expand its services further.