Penson Worldwide, a provider of execution, clearing, custody and settlement services has secured an investment of $25 million from Technology Crossover Ventures (TCV).
As part of the deal, TCV will acquire a minority stake in the firm. TCV general partner John Drew will also join Penson's board of directors.
The proceeds will be deployed throughout Penson's companies, to support its client base, which is primarily made up of broker/dealers, private client asset managers, high net-worth investors, wealth managers and volume proprietary trading firms.
Daniel Son, president, Penson Worldwide, says: "TCV's capital injection to the Penson group of financial services and financial technology companies brings more to the table than merely an increase in liquid assets that will support the growth of our correspondents' activities. TCV's investment is an endorsement of Penson's flexible service offerings in the global financial markets, and in the quality of the technology solutions that underpin them."