MiFID II compliance solution Open Gamma raises $10m funding

Derivative trading analytics platform Open Gamma has raised $10m in a funding round led by FinTech and B2B software-focused investors Dawn Capital.

Other participants of the round included Accel, CME Ventures and former SunGuard CEO and FinTech angel investor Cristóbal Conde.

Following the close of the round, Open Gamma will look to expand its London, New York and Singapore teams. The company also hopes to bolster its product suite with the launch of new products within the collateral and treasury space.

Open Gamma delivers data analytics for banks, hedge funds, asset managers and pension funds. The technology can identify opportunities, view risk moves, monitor margins and costs, and the ability to act on the insights.

The platform also helps companies to comply with MiFID II compliance needs. Its technology gives immediate response to investor cost requests, access to reporting costs of the last three years, and provide a cumulative impact of costs on investment returns.

Over the past 12 months, the company has seen a 300 per cent growth in recurring revenue and expanded its presence around the world. Additionally, Open Gamma doubled both its customer and team base.

Dawn Capital general partner Josh Bell said, “As regulation continues to drive up the cost of trading derivatives, efficient use of capital has become essential for financial institutions to maintain their business models.

“Top-tier global investment banks and asset managers are all turning to OpenGamma for support, attracted by the depth, coverage and speed of deployment of OpenGamma’s analytics platform. We are delighted to be partnering with Peter and his team as OpenGamma continues to expand its product proposition and geographic footprint.”

Open Gamma previously pulled in $1m in 2017 in a deal from Japan Exchange Group which took a minority stake of the company.

Last year, Dawn Capital led the $12m of fellow RegTech company ZIVVER, which offers a full-stack communications platform for secure email and file sharing.

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