AlbionVC leads a £13m Series A extension in TransFICC

Albion Capital announces its role in a £13m million Series A extension in TransFICC alongside existing institutional shareholders which follows the original Series A for circa £6 million, announced in April 2020.TransFICC’s investors are Albion, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator (the Early Stage CVC unit of Commerzbank Group).

TransFICC resolves the issue of fragmentation in fixed income markets by providing banks and asset managers with a unified low-latency, robust and scalable API. TransFICC enables financial institutions to access their required eTrading venues, while streamlining technology requirements and reducing operational costs.

TransFICC’s clients include eight top tier investment banks and two of the largest Exchange groups.

Steve Toland, co-Founder of TransFICC said:

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. As we build on this success, we are very happy to have attracted additional investment from our existing shareholders, which will be used to expand our Engineering teams, develop new products, open new offices in New York and Brussels, and add to our salesforce.

Tom McKee, co-Founder of TransFICC, added:

We have already built a modern, robust and cost-effective alternative to legacy systems, but driven by client requirements we are expanding our product suite to deliver a full e-trading system, which will enable clients to also trade manually using our software. As we add more clients and automate more complex workflows it is also important that we continue to invest in our technology platform, to deliver fast and scalable technology, which keeps pace with microsecond price updates and provides an audit trail for Best Execution.

Cat McDonald, Investment Manager at Albion who joins TransFICC’s Board, commented:

TransFICC’s ‘One API’ for e-trading service has a huge opportunity to become the defacto standard API gateway between banks and trading venues. 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. We expect TransFICC’s service to continue outperforming against expectations, thereby confirming the industry-changing nature of what Steve and the team have created.