Fia Tech has raised an additional US$25.4 million in a funding round led by six existing shareholders and BNP Paribas.
As a new shareholder in this round, BNP Paribas will join FIA Tech’s ownership consortium and will serve on its board of directors.
The existing shareholders include Bank of America, Barclays, Citi, Goldman Sachs, J.P Morgan and Wells Fargo.
The funds raised will aim to accelerate the development of Trade Data Network (TDN), an initiative that provides a shared leger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives (ETD) post-trade processing.
The rollout of TDN is expected to reduce clearing delays for brokers and overall costs. TDN is focused on allocations processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and clearinghouse on each trade.
The latest funding round has brought the funding for FIA Tech to almost $70 million.
Raphael Masgnaux, head of global technology platforms for global markets at BNP Paribas says: “We are thrilled to be on the board of FIA Tech, a firm we have worked closely with over the years. Technology is a central pillar of BNP Paribas’ Growth and Technology Sustainability 25 strategic plan, and the TDN initiative promises a pivotal platform for the ETD industry.”
