TransFicc, a UK-based startup founded by former LMAX executives to address fragmentation in fixed income markets, has scored a strategic investment from Citi as part of a deal that will also see it join the US bank's London innovation lab.
Terms of the deal were not disclosed. Citi joins existing shareholders, Illuminate Financial, Main Incubator (part of Commerzbank) and The FinLab.
TransFicc offers a single API designed to provide a streamlined interface to multiple fixed income trading platforms, and cloud-based hosting to support microsecond timestamping of data and a full audit trail for best execution requirements.
The firm was founded by former LMAX, Icap and Reuters executive Steve Toland in 2016, in partnership with ex-LMAX software developers, Judd Gaddie and Tom McKee.
TransFicc becomes the first external company to join Citi's innovation Lab in London, which was launched in February to support the bank's markets and securities services business, through a focus on advanced tech.
Tom McKee, co-founder, TransFicc, says: "Joining Citi's Innovation Lab allows us to work collaboratively with Citi, sharing expertise and accessing a larger pool of technical experience."
Stuart Riley, global head, operations and technology, Markets and Securities Services, Citi, adds: "Our Innovation Lab enables external firms to work alongside Citi engineers under the same roof, helping to build London's innovation ecosystem."