Trumid Completes $208m Financing
Financial technology company and electronic credit trading platform Trumid has announced the completion of a new $208 million financing led by Point Break Capital Management, a private investment firm with significant experience and relationships in global financial markets and deep roots in Latin America. Motive Partners, a specialist private equity firm focused on financial technology investments, participated as a significant investor in the round. They were joined by Senator Investment Group, Phase2 Partners and existing investors including Dragoneer Investment Group, TPG, DST Global, Singapore Exchange (SGX), and funds and accounts managed by BlackRock and T. Rowe Price Associates, Inc.
Global credit trading is becoming increasingly electronic, with Trumid playing an important role in that evolution. The company differentiates itself through a combination of market expertise, agile technology and a focus on product design. Growth capital from this financing will enable Trumid to further enhance its leading-edge technology and to expand its footprint to include additional trading protocols, asset classes and geographies.
Trumid’s innovative trading platform has experienced significant market share and client activity growth, with its ecosystem of solutions proving valuable across a variety of market conditions. Daily trading volumes on the Trumid platform have grown rapidly, now almost seven times higher than two years ago. In 2021 alone, YTD average daily volume has increased 71% YoY. In addition to Trumid’s US corporate bond franchise, the company has recently added Emerging Market debt to its platform. Trumid’s partnership with Point Break Capital Management corresponds well with the company’s expansionary initiatives in EM.
“Strong partnership with our community of clients and investors is how Trumid drives sustainable innovation and value,” said Mike Sobel, President of Trumid. “We’re thrilled to bring in investors whose expertise matches our strategic priorities. Credit market structure is evolving quickly and we’re excited to run hard at the big growth opportunities in front of us.”
Ashwin Kumar, Industry Partner at Motive Partners, commented “Trumid’s strong performance demonstrates its ability to deliver efficient trade execution and support global credit trading through outstanding technology. We see great potential for the creation of long-term value in the business and expect this round of funding to enable the company to achieve its expansion plans. We’re delighted to make our extensive resources in technology and innovation available to help the Trumid team drive those plans forward.”
Trumid recently announced electronic trading executive Bryan Harkins will join the company in a newly created role of Chief Revenue Officer. Harkins will oversee the firm’s sales organization, with a focus on continued growth of its existing business and commercial leadership of Trumid’s protocol, product and geographic expansions.
BofA Securities acted as placement agent on the transaction.
The Swiss exchange group issued the first bond with a pure digital part in a fully regulated environment.
There was record trading in emerging markets in the first three quarters of 2021.
Firms will now need to satisfy climate-related eligibility criteria for their bonds to be purchased.
FMX combines Fenics UST and FMX US Futures on the same platform.