FIA Tech raises additional $25.4m in funding round
FIA Tech, a technology provider for the futures industry, has raised an additional $25.4 million in a funding round led by existing shareholders and BNP Paribas.
FIA Tech lands $25.4m funding
The six existing investors taking part in the round include Bank of America, Barclays, Citi, Goldman Sachs, JP Morgan and Wells Fargo. BNP Paribas will join FIA Tech’s ownership consortium and will serve on its board of directors.
Headquartered in New York, USA, FIA Tech is owned by a consortium of eleven clearing firms and the Futures Industry Association (FIA). It partners up with the broader financial industry including exchanges, clearing houses, clearing firms and other intermediaries, as well as independent software vendors, buyside firms and end users to make the exchange traded and cleared derivatives industry more efficient.
With the fresh funds, FIA Tech aims to accelerate the development of the Trade Data Network (TDN), an initiative that provides a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing.
FIA Tech says the rollout of TDN will help reduce clearing delays for brokers and overall costs. The TDN currently includes 16 banks and brokers, and 40 investment managers and hedge funds, with combined assets under management of over $37 trillion.
Initially, TDN will focus on allocations processing and trade confirmations, with trade lifecycle transparency across multiple brokers and the clearinghouse on each trade. Additional features include benchmarking, metrics tracking and reporting.
The funding follows FIA Tech’s $44 million Series A funding round in 2021, and brings its total capital raised to almost $70 million.
