Morgan Stanley’s $15m funding FX ups Integral
US-based foreign exchange (FX) tech platform Integral has received $15 million funding from Morgan Stanley Expansion Capital.
Customers include Mizuho, Erste, and Wells Fargo
According to Integral, the investment means it can push its cloud-based FX technology platform to more banks, brokers, and asset managers.
Harpal Sandhu, Integral founder and CEO, had no notable quotes to share but says more than 200 institutions run on its platform.
Integral’s official announcement raised more questions than answers, but according to its website customers include Bank of America, Citi, Mizuho, Erste, UBS and Wells Fargo.
Integral will look to push its Open Currency Exchange (OCX), an FX venue to let participants use a single integrated network of liquidity. It will also seek to get more customers for BankFX.
On its website, Integral explains that BankFX is integrated with OCX. Liquidity managers can “configure multiple liquidity pools and continually adjust the sources available to both their internal pricing engine and their hedging engine”.
Founded in 1993, Integral has development, support, and sales offices in Palo Alto, New York, London, Tokyo, Singapore and Bangalore.
Morgan Stanley Expansion Capital is the private investment platform within Morgan Stanley Investment Management. It has completed investments in over 190 companies.
Morgan Stanley is no stranger to spreading the cash. As reported in May, it was following Goldman Sachs in lending to Brazil’s healthy fintech industry in search of higher yields.
