Philadelphia-based trading technology vendor FNX Limited has closed $10 million funding round led by Conning Capital Partners and Lazard Technology Partners.
As part of the deal, Conning Capital Partners' David Young and Manu Rana from Lazard Technology Partners will join the FNX board of directors.
FNX says it will use the proceeds to fund "strategic growth opportunities". The vendor has two primary offerings - its Sierra Suite, an integrated trading, risk management, accounting, and general ledger system, and Aspen Hedge, a managed trade capture, risk management, and pricing system for the buy side.
Farid Naib, FNX founder and CEO, says the funding offers the firm the opportunity to strengthen its balance sheet and take its products into broader markets.