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CloudMargin has raised $15 million in a Series B funding round, with Deutsche Boerse, Deutsche Bank and Citi acting as primary investors.
This marks the largest funding round yet for the cloud-based collateral and margin management solution provider in a transaction that was advised by investment banking firm Jefferies.
According to CloudMargin CEO Stuart Connelly, the funds will be utilised to further innovative the technological capabilities of the platform, as well as to expand sales and client services in the US and Asia to meet increased demand.
Connelly also highlights the impact of the COVID-19 pandemic has caused firms to take a larger “strategic priority on adopting modern, software-as-a-service based cloud technologies that provide agility as well as operational and cost efficiencies”.
Going forward, Connelly notes representatives from the three investors will be given “an important voice” on the company’s board of directors.
“During this unprecedented period of global turmoil and market volatility, it speaks volumes for the CloudMargin business model, achievements and strategy that we were able to successfully close this meaningful investment round with such high calibre partners,” Connelly continues.
Joseph Macdonald, director of fixed income and currencies trading at Deutsche Bank, adds: “CloudMargin is a key partner for Deutsche Bank’s collateral management division. Our investment reflects our confidence in CloudMargin’s world-class platform and its future within the industry.”
