Deutsche Börse has aquired a minority stake in WeMatch, a fintech company focussing on trading workflows for the wholesale derivatives industry, as part of a $19.5 million Series B equity funding round.
DB1 Ventures, the corporate venture capital arm of Deutsche Börse, leads the round, which also includes participation from Augmentum Fintech, Illuminate Financial and existing shareholder JPMorgan.
WeMatch develops web-based services to replace voice broking by automating matching, negotiation and lifecycle management for instruments such as securities borrowing and lending, total return swaps, interest rate derivatives, as well as equity derivatives.
“The digitalisation of workflows combined with seamless access to large liquidity pools at market infrastructure providers has been driving the collaboration between WeMatch and Deutsche Börse; hence, this investment makes perfect sense and further strengthens our partnership.” says Matthias Graulich, member of the Eurex Clearing executive board at Deutsche Börse. “It is a win-win from our perspective - Deutsche Börse will benefit from WeMatch’s agility and innovation power, and WeMatch will benefit from our deep liquidity pools and strong global distribution power facilitating further growth for both firms.”
WeMatch was founded in 2016 by a team of five, with dealing and brokerage backgrounds, and currently has 26 employees across offices in Tel Aviv, London, and Paris. So far, 40 banks and 17 fund managers have been onboarded, with a notional of over £1 trillion matched to date.