British fintech startup TransFICC has raised a £5.75 million ($7.14m) Series A funding round, as it aims to extend market coverage for its e-trading API solution.
The round was led by AlbionVC, with strategic investments from ING Ventures and HSBC. TransFICC’s clients include five global investment banks and a global market data vendor.
“We believe TransFICC has a huge opportunity to become the de-facto standard API gateway between banks and trading venues,” said Robert Whitby-Smith, partner at AlbionVC. “This view is supported by TransFICC’s five banking clients and an extensive prospect pipeline.”
TransFICC, founded in 2016, has a product suite which translates trading venues’ APIs into a single format, allowing for integration, scale and low latency.
“TransFICC’s open source technology, automated testing and delivery processes enable the firm to develop software rapidly, while the fact that they use both cloud technology and co-location services allows HSBC to more efficiently deploy systems where we need them,” said HSBC’s Seth Osher.