Transaction Caps Major Growth Year for the Electronic Bond Trading Platform
NEW YORK (PRWEB) JANUARY 13, 2021
Trumid, a financial technology company and fixed income electronic trading platform, today announced the completion of a $50 million financing co-led by new investor DST Global and Dragoneer Investment Group, which led Trumid’s financing in August 2020. The investment values the company at a premium to the most recent financing. Proceeds will be used to repurchase shares from existing shareholders.
The financing caps a year of exceptional growth at Trumid. Its Market Center trading platform experienced 374% year-over-year volume growth. Trumid’s client network expanded to 530 institutions and the number of users executing a trade on the platform each day grew by 129%. Trumid continues to differentiate itself through nimble technology and product expertise, with 26 technology release cycles to meet its clients’ needs during an unprecedented year.
Trumid enters 2021 with significant operating momentum and a number of new initiatives and developments:
- In the fourth quarter of 2020 Trumid launched Emerging Market debt onto its Market Center platform.
- This month Trumid announced a new strategic relationship with Goldman Sachs to provide connectivity and liquidity to Goldman’s clients through Trumid’s Attributed Trading protocol.
- Trumid hired Vlad Khandros as its Head of Corporate Development to pursue expansion and other strategic opportunities and further the company’s leadership in market structure innovation.
“We are proud of what we delivered for clients in 2020, and grateful for the strong support from our investors,” said Mike Sobel, President of Trumid. “We’re excited to work with our network to continue innovating and growing in 2021.”
“Trumid is building the key technology and network to enable electronic trading of fixed income products, whilst also providing important real time insights to all network participants,” said Tom Stafford, Managing Partner of DST Global. “We are excited to partner with the Trumid team as they continue to develop their technology platform, grow the network and scale globally.”
“Trumid is pioneering what we feel is long overdue: the digitization of the corporate bond market,” said Daniel Gillespie, Partner at Dragoneer. “Credit professionals stand to gain significant advantages from the Company’s innovative trading solutions, and Dragoneer increased its investment because we recognize the massive opportunity that Trumid is well-positioned to capture as the bond market’s adoption of digital accelerates.”
Financial Technology Partners (“FT Partners”) advised Trumid on its previous transaction.
Trumid is a financial technology company bringing efficiency, connectivity and access to credit trading through innovative technology and product design. Trumid’s product ecosystem leverages data and the power of the network effect to create transparency, liquidity and efficient trade execution. Trumid Market Center, the company’s electronic trading platform, connects corporate bond market professionals to a broad network of liquidity and provides a range of trading protocols to access it. For more information, visit http://www.trumid.com.
Dragoneer is a San Francisco-based, growth-oriented investment firm with approximately $12 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, AppFolio, Bytedance, Chime, Datadog, Doordash, Duck Creek, Farfetch, Klarna, Nubank, PointClickCare, Slack, Snowflake, Spotify, Uber, and others.
About DST Global
DST Global is one of the leading Internet investment firms globally. Its investments include some of the world’s fastest growing and most valuable companies. DST Global has offices in Silicon Valley, New York, London, Beijing and Hong Kong.