Digital broker Wematch.SecuritiesFinancing has secured its first two lenders.
David Raccat, CEO of We.match, said: “You can have the best technology in the world but if you don’t have the liquidity you’re going to die—it’s critical.”
“My objective is to get close to 10 lenders by the end of the year, and we are on track because we have several lenders currently in the onboarding stage at the moment.”
Raccat added that We.match had seen promising traction from the borrowers since the first lender joined.
On the sell-side, We.match boast 19 borrowers, including several tier one banks, with $1.8 trillion worth of interest since the platform’s launch in February.
The digital broker completed its first securities lending trade on 18 September between Bank of America Merrill Lynch and ABN Amro, trading in French equities.
Wematch initially went live with a focus on total return swaps and European equities, before moving into securities lending and repo services went live on 18 September along with an expanded the list of available asset classes.
