Fintech
Augmentum Fintech invests £2.6m in FX trading platform LoopFX
Augmentum Fintech plc, a publicly traded European fintech fund, announced on Tuesday a £2.6 million ($3.3 million) investment in LoopFX, a London-based foreign currency (FX) trading platform.
LoopFX, which offers a unique matching solution for large spot FX trades, allows traders to match in real time with other asset managers and banks at mid-market rates. The platform’s technology aims to reduce trading costs and improve execution processes under the best conditions, while minimizing information loss.
Tim Levene, CEO of Augmentum Fintech will join by LoopFX board of directors following the investment. In a statement, Levene expressed optimism about the opportunity in the capital markets sector, saying: “We believe LoopFX offers a textbook example of a fintech operating in the capital markets in partnership with blue chip financial institutions.”
LoopFX’s board includes several industry veterans. John Sievwright, who previously served as Chief Operating Officer, International at Merrill Lynch, serves as President. The board also includes Martin Gilbert, current chairman of Revolut and founder of Aberdeen Asset Management, as well as Ivan Ritossa, who previously sat on the executive committee of Barclays Capital.
Augmentum’s investment is expected to fuel LoopFX’s growth as it continues to develop its new protocol in the FX market. The move is in line with Augmentum’s strategy to invest in fast-growing fintech companies that are disrupting the financial services industry.
“LoopFX brings trading and price discovery efficiency to the FX market, which in turn will help market participants meet best execution requirements,” concluded Levene.
Peer-to-bank
The investment comes on the heels of LoopFX’s successful integration of its “Peer-To-Bank” matching technology into major forex platforms, including State Street’s FX Connect and FactSet’s Portware.
According to the company, its products allow traders to identify large trades above $10 million in real time, facilitating meetings with other buy-side institutions and providing banks with a “secure channel to showcase their market aces.” The integration with State Street’s FX Connect occurred in September 2023.
As a result, the functionality of LoopFX will be accessible via FX Connectwhich is part of the GlobalLink suite of e-trading platforms, technologies and workflow solutions that automate the entire FX trading process.
Furthermore, a collaboration with FactSet was established earlier this year. LoopFX supports Portware, a multi-asset execution management system used by the main asset managers.
Augmentum Fintech plc, a publicly traded European fintech fund, announced on Tuesday a £2.6 million ($3.3 million) investment in LoopFX, a London-based foreign exchange (FX) trading platform.
LoopFX, which offers a unique matching solution for large spot FX trades, allows traders to match in real time with other asset managers and banks at mid-market rates. The platform’s technology aims to reduce trading costs and improve execution processes under the best conditions, while minimizing information loss.
Tim Levene, CEO of Augmentum Fintech will join by LoopFX board of directors following the investment. In a statement, Levene expressed optimism about the opportunity in the capital markets sector, saying: “We believe LoopFX offers a textbook example of a fintech operating in the capital markets in partnership with blue chip financial institutions.”
LoopFX’s board includes several industry veterans. John Sievwright, who previously served as Chief Operating Officer, International at Merrill Lynch, serves as President. The board also includes Martin Gilbert, current chairman of Revolut and founder of Aberdeen Asset Management, as well as Ivan Ritossa, who previously sat on the executive committee of Barclays Capital.
Augmentum’s investment is expected to fuel LoopFX’s growth as it continues to develop its new protocol in the FX market. The move is in line with Augmentum’s strategy to invest in fast-growing fintech companies that are disrupting the financial services industry.
“LoopFX brings trading and price discovery efficiency to the FX market, which in turn will help market participants meet best execution requirements,” concluded Levene.
Peer-to-bank
The investment comes on the heels of LoopFX’s successful integration of its “Peer-To-Bank” matching technology into major forex platforms, including State Street’s FX Connect and FactSet’s Portware.
According to the company, its products allow traders to identify large trades above $10 million in real time, facilitating meetings with other buy-side institutions and providing banks with a “secure channel to showcase their market aces.” The integration with State Street’s FX Connect occurred in September 2023.
As a result, the functionality of LoopFX will be accessible via FX Connectwhich is part of the GlobalLink suite of e-trading platforms, technologies and workflow solutions that automate the entire FX trading process.
Furthermore, a collaboration with FactSet was established earlier this year. LoopFX supports Portware, a multi-asset execution management system used by the main asset managers.