Wematch has confirmed the second close of a Series B funding round which has raised US$28 million in total.
Several new companies have become investors in Wematch through this second close, including Barclays and CE Innovation Capital.
Existing investor Societe Generale also participated in this second tranche, which closed on 3 December, raising a further US$8.5 million.
This Series B funding was led in October by DB1, the corporate venture capital arm of Deutsche Börse. JP Morgan, Augmentum Fintech and Illuminate Financial were among the other companies that have invested in Wematch in the first close of this Series B funding round.
Wematch indicates that these investors support the company’s vision to help the capital market to adopt further digital solutions across markets globally and to apply this technology to internal and client-facing solutions.
It says that this Series B funding combines support from banking partners, a leading market structure and expert venture capital funds and will allow Wematch to deliver its promise to accelerate the digitalisation of the industry across all regions.
Barclays head of Delta1 trading for EMEA Spyros Varoutsis says: “By combining our [Barclays and Wematch] strengths, we can drive innovation and automation in trading technologies, bringing efficiencies for market participants and best-in-class trading solutions for our clients.”
Societe Generale’s deputy head of sales for global markets Albert Loo says: “Since the early days of our relationship, [the] Wematch team continually demonstrated its ability to deliver cutting-edge platforms and technology. Societe Generale naturally renews its trust through participating in the Series B and is delighted to welcome new investors to accelerate Wematch technology adoption across markets and participants.”
Zheng Cui, partner at CE Innovation Capital, adds: “We believe Wematch’s mission-critical technology solution, covering trade discovery to workflow and compliance, is the key to drive the digitalisation of the derivatives market. As a global fintech investor, we are excited to be part of Wematch’s story.”
Wematch CEO Joseph Seroussi says: “We are very excited in welcoming Barclays and CE Innovation Capital as new investors and very thankful for the continued support from Societe Generale.”
Wematch develops web-based solutions to deliver automated matching, negotiation and lifecycle management for transactions including securities lending and borrowing, total return swaps, interest rate derivatives and equity derivatives. This offers a one-stop solution across a range of asset classes.
The company recently announced the appointment of Christine Lowe as head of client coverage and Michael Sabbah as head of equity derivatives.
