Tradefeedr announced today that it has successfully completed its early-stage financing with the latest $3 million funding to accelerate growth and development. IPGL, a privately owned holding company became the cornerstone investor in Tradefeedr.
According to the press release shared with Finance Magnates, the company onboarded several clients to use its platform including Goldman Sachs, UBS, XTX Markets and Insight Asset Management. In 2020, 14 liquidity providers started using the Tardefeedr platform.
Founded in 2018, the platform enables clients to improve trade execution by analyzing their FX trading data from participating liquidity providers and ECNs via a standardized API.
IPGL invested the majority of the new funds in Tradefeedr as the holding company became the cornerstone investor in the project. British businessman and former CEO of ICAP, Michael Spencer is currently running IPGL.
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Commenting on the funding announcement, Alexei Jiltsov, Co-founder of Tradefeedr along with another Co-founder, Balraj Bassi, said: “We are excited by the support we have received from IPGL and that someone of Seth’s caliber has agreed to become our Chairman. We believe that our platform will deliver significant benefits to market participants, through improving collaboration and giving better access to trading information, which will lead to enhanced decision making. There is a huge demand for greater transparency in financial markets and Tradefeedr can help meet that demand.”
In addition to IPGL, the funding round was backed by Seth Johnson, former CEO of NEX Markets and CME Cash Markets. According to the latest announcement, Johnson has been appointed as the Chairman of Tradefeed.
“I am delighted to become chairman of Tradefeedr and have the opportunity to back the business. Tradefeedr is precisely the type of company we used to look to invest in when I was at NEX,” Johnson said.
Michael Spencer commented: “Tradefeedr is a really promising financial technology business, with the right combination of technical knowhow and market wisdom, and I am very pleased to be able to back it at this stage in its development. I believe they have an excellent product and I wish Seth, Balraj and Alexei every success.”