FX HedgePoolThe New York-based company Providing a peer to peer matching platform for institutional foreign currency transactions, has raised $8M in Series B funding.
The round was led by Information Venture Partners with participation from Fidelity International Strategic Ventures (FISV) and NAventures, National Bank of Canada’s corporate venture capital arm.
The company plans to use the funds for a multi-product strategy to increase efficiency and improve its network of bank investment managers. In line with its community-centric innovation philosophy, FX HedgePool is launching the FXHP Innovation Pool, a community in which leaders in finance collaborate to address industry challenges by leveraging technology to innovate the world’s largest financial marketplace.
Jay Moore, CEO, is leading X HedgePool, a peer to peer matching platform for midmarket execution of FX Swaps. It separates liquidity from credit and unlocks potential for buy-side players to provide liquidity to one another while leveraging existing counterparty relations for credit provision. The new liquidity source for passive hedgers is safe and reliable, eliminating friction between the sell-side and buy-side.
FX HedgePool launched January 2020 and has since facilitated more than $4 trillion in matched foreign trades for dozens firms.
The platform is used by over 30 international institutions, including top-tier banks and asset managers, and the company announced recently that it will launch an FX spot match service to meet the demand of its buy-side community. This natural extension of the company’s product offering will serve to further reduce market impact, tracking error, cost transparency and operational inefficiencies for buy-side participants in the foreign exchange market.