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Electronic trading API startup TransFICC nets an extra £13m

transficc funding

TransFICC, a London-based company providing software tools for fixed income and derivate markets, has secured an additional $17m (£12.9m) of funding in a Series A extension.

The investment, led by AlbionVC, follows the original Series A funding round in April 2020 for £5.75m.

Existing shareholders including Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator all provided additional capital.

TransFICC will use the investment to expand its engineering teams, hire new sales and customer support teams, develop new products such as a complete e-trading system and for new data centres in North America and Continental Europe.

The company provides an application performance interface (API) to banks and asset managers to connect them with electronic trading venues. It counts eight “top tier” investment banks and two of the largest exchange groups among its clients.

“As banks and asset managers focus on automating trading workflows to deliver increased efficiency, TransFICC’s ‘One API’ has been implemented at some of the largest fixed income trading banks and exchanges,” said Steve Toland, co-founder of TransFICC.

TransFICC was founded in 2016 by Steve Toland, Judd Gaddie and Tom McKee.

AlbionVC has previously invested in relocation platform PerchPeek, data analytics startup Brytlyt and Credit Kudos, which has reportedly been acquired by Apple.

“Our faith in the API’s superiority and future success is borne out by the eight banks and two exchanges that are now using it, as well as the long pipeline of prospective clients,” said Cat McDonald, investor at AlbionVC.

TransFICC’s funding round follows a bumper 2021 for UK fintech investment, with companies raising $11.6bn in capital.