Institutional trading intelligence platform TwoWay has raised €1.5 million in a pre-seed funding round led by welovefounders as the company expands its pricing and broker-flow technology across Europe and the UK.

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The round also included participation from Tenity, Plug and Play, SuperCapital, and Unorthodox Partners.

TwoWay Mixes PoCs and Paid Deployments

The company develops software that helps institutional traders process broker messages, pricing updates, and market indications across FX and fixed-income markets. According to TwoWay, the platform is already being used in production by tier-1 banks in Europe and the UK, as well as French asset managers.

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“Across our client base, the product is live in production today,” said Chirine BenZaied-Bourgerie CEO and Co-Founder at TwoWay. She added that the company currently operates through a mix of proof-of-concept programs and paid commercial deployments.

Platform Plugs into Existing Trading Stack

Institutional trading Institutional Trading Institutional trading can be characterized as individuals or entities with the ability to invest in securities that are not available to retail traders directly.This includes specific investments such as FX forwards or swaps, among others.There are many types of players in the institutional trading space. These include central banks, retail and commercial banks, internet banks, credit unions, savings, and loan associations, investment banks, investment companies, brokerage firms, insurance compa Institutional trading can be characterized as individuals or entities with the ability to invest in securities that are not available to retail traders directly.This includes specific investments such as FX forwards or swaps, among others.There are many types of players in the institutional trading space. These include central banks, retail and commercial banks, internet banks, credit unions, savings, and loan associations, investment banks, investment companies, brokerage firms, insurance compa Read this Term desks continue to rely heavily on chat and voice communication in OTC markets such as foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and rates trading. TwoWay said traders can receive hundreds of broker messages per hour, creating challenges around price discovery and market visibility.

The company said its software connects to broker messaging systems, internal pricing engines, and market-data feeds already used by banks and asset managers. Rather than replacing existing infrastructure, the platform sits between broker communication channels and internal pricing systems.

“TwoWay is designed to plug into the trader’s existing stack rather than replace any part of it,” BenZaied-Bourgerie said.

Banks Report Savings from TwoWay Use

According to the company, the software compares broker quotes against traders’ internal pricing marks in real time and feeds structured pricing data back into pricing and curve-construction systems.

The company said it integrates with existing infrastructure providers such as Bloomberg and Symphony, ingesting broker chat through their systems and structuring it into pricing data.

BenZaied-Bourgerie said the difference is that TwoWay focuses specifically on price discovery and integrates directly with banks’ internal pricing infrastructure.

“First, we’re a standalone, purpose-built solution,” she said.

TwoWay also disclosed early estimates from clients already using the platform. According to the company, one UK bank estimated savings of about £5,000 per trader per day, which it internally annualized at around £1.2 million per trader per year.

“Revenue capture is the metric clients are most actively measuring with us right now,” BenZaied-Bourgerie said.

The funding will be used to expand the company’s pricing models, grow deployments across Europe and the UK, and add support for rates derivatives, credit, and commodities markets.