21 April 2018
https://www.avoka.com

Reuters invests US$35 million in Internet mortgage marketplace

16 June 2000  |  3433 views  |  0 Reuters invests US$35 million in  Internet mortgage marketplace

Reuters (www.reuters.com) has invested US$35 million in Pedestal (www.pedestal.com), an Internet-based secondary mortgage marketplace operator. The company, based in Washington DC, manages an Internet business-to-business marketplace for the trading of secondary mortgage loans and mortgage related products in the US. Pedestal's other strategic partners are Deutsche Bank and Battery Ventures.

The alliance will enable Reuters to increase its penetration in the fixed income markets by extending its range of services, via the Internet, to one of the largest segments - the US Mortgage Backed Security (MBS) and Asset Backed Security (ABS) sectors. It will provide Reuters with direct access to Pedestal's clients and enable the group to sell Internet-based data and analytics products for the mortgage market.

Reuters and Pedestal expect to realise synergies from the exchange of market information, the cross-selling of products and connectivity to services provided by both parties.

Philip Wood, managing director business development, Reuters Trading Solutions, says: "This investment strengthens our position in the fixed income markets and is yet another example of Reuters seeking to make the financial markets work on the Internet. Pedestal is playing a leading role in the shift towards internet enabled secondary mortgage market trading. The combination of Pedestal's significant industry expertise with Reuters content, technology and global distribution creates a solid foundation to enable secondary mortgage market trading to work more efficiently and effectively on the Internet."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://wup.digitalVisit https://aciworldwide.webex.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
10421 views comments | 19 tweets | 26 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9803 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
9695 views comments | 18 tweets | 32 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8833 views comments | 16 tweets | 22 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
8317 views comments | 9 tweets | 10 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job