FX HedgePool, the peer-to-peer matching platform for institutional foreign exchange transactions, has acquired $8 million via Series A funding, led by Information Venture Partners, along with contributions from Fidelity International Strategic Ventures (FISV) and NAventures, National Bank of Canada’s corporate VC unit.
The investment round should help with supporting a multi-product strategy aimed at delivering efficiencies for its growing network of investment managers and banking institutions.
In line or consistent with its community-focused innovation strategy, FX HedgePool is introducing the FXHP Innovation Pool, a community in which finance professionals work together to address industry obstacles by pushing the boundaries of tech to streamline the world’s largest financial marketplace.
Since its inception in January 2020, FX HedgePool has reportedly facilitated more than $4 trillion in matched foreign exchange trades for a number of companies.
Institutional level peer-to-peer trading has been considered somewhat elusive, however, the firm claims it has proven its viability and assisted the market enhancing scale, efficiency and transparency while also improving investor performance.
Jay Moore, CEO and Co-Founder of FX HedgePool, said:
“Our new partnerships will further strengthen FX HedgePool’s ability to deliver on a shared vision of changing the market for good. We’ve led the market towards peer-to-peer matching, and this investment will allow us to continue innovating to bring efficiency, cost savings and better outcomes for the investment community.”
Dave Unsworth, General Partner at Information VP, remarked:
“When observing changes in the FX market over the last couple of years, we saw end-investors and buy-side institutions were both affected by ineffective processes that severely impacted fund performance, and the FX market was ripe for change. FX HedgePool has proven its ability to innovate and effect change in the largest capital market in the world. We’re delighted to lead their very first investment round and support them in the next stage of their disruptive journey.”
Michael Sim, Principal at FISV, added:
“FX HedgePool’s ability to transform the largest segment of the financial market aligns with our philosophy of bringing efficiency and cost savings to investors across the globe. We look forward to working with the FX HedgePool team on expanding their solutions to an even greater portion of the market.”