Trumid Financial, LLC, announced that it secured $200 million in growth capital investment from the Dragoneer Investment Group in its latest funding round.
TPG, with funds and accounts managed by BlackRock and T. Rowe Price Associates, Inc. became new Trumid investors, joining Dragoneer in supporting the financial tech and electronic trading platform. Financial Technology Partners (“FT Partners”) served as a financial advisor to Trumid on this transaction.
The Dragoneer investments put Trumid over the top by more than doubling the trading platform’s valuation to over $1 billion since last May. The new funds will support the continued growth and expansion of the innovative fixed income electronic trading platform.
The capital that Dragoneer brings with this financing will support the expansion of Trumid’s trading protocols that will allow extension into adjacent products and areas.
In 2020, Trumid has been experiencing robust growth in activity on the trading platform. Volumes are up nearly 500% across its network of over 500 institutions. Spiking trading volumes and surging user growth is a hallmark of the fintech disruptor.
The CEO of Trumid, Ronnie Mateo, said in statement, “Our investors are established experts in both technology and capital markets. They have deep experience working with companies like Trumid to realize the full scope of our vision. We’re thrilled to have them on our team.”
Trumid has differentiated itself by collaborating with market participants to create innovative trading solutions. Since Trumid’s Attributed Trading (AT) protocol launched a year ago, it has established a dominant position in dealer streaming and bilateral dealer-client trading.
Trumid’s Market Center platform receives over 10,000 bonds streamed daily. Over 370 users from the sell-side and buy-side have transacted next to each other with the AT protocol. Trumid is changing fintech with its “all-to-all” platform by allowing buy-side and sell-side users to work with each other securely.
Trumid describes itself as “a revolutionary electronic trading marketplace for corporate bonds.” But they have seasoned traders on board and deep relationships that have helped them to develop a strong community. The team devotes itself to real liquidity and open access.
In February, Trumid made it to Forbes’ Fintech 50 list due to its rapid growth. Their mission is “to create enough liquidity and access to alter credit markets forever.”
There are two giants currently in electronic bond trading. MarketAxess and Tradeweb, which are now both publicly-traded companies worth over $10 billion. Trumid is nowhere near their stature, but they have time and momentum on their side.
After another wildly successful funding round, investors are eager and excited to see where Trumid is going.
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