Augmentum Fintech has made a £2.6 million investment in London-based peer-to-peer forex trading platform LoopFX.
LoopFX is a new independent trading venue for large spot FX trades. The platform allows traders to coordinate with other asset managers and banks in real time without leaking information and at an average price, reducing trading costs and improving best execution processes.
Augmentum, a backer of Tide and Zopa Bank among others, is the first institutional investor in LoopFX. The investment follows the startup’s integration of its peer-to-bank matching technology with State Street’s FX Connect and FactSet’s Portware.
Tim Levene, CEO of Augmentum Fintech, says: “We are increasingly focused on opportunities in the capital markets space, where we are seeing a trend of established companies choosing to collaborate and partner with innovative early-stage companies.”
“We believe LoopFX is a prime example of a fintech operating in the capital markets in partnership with world-class financial institutions. LoopFX brings efficiency in trading and price discovery to the forex market, which in turn helps market participants comply with best execution requirements.”
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