Interdealer broker ICAP, a markets operator and provider of post-trade risk mitigation and information services, reports that it has made an additional investment in Duco, a London-based fintech provider of hosted reconciliation services.
Terms of the new investment, made via Euclid Opportunities, ICAP’s early-stage fintech funding business, which first invested in Duco in 2012, were not disclosed. However, ICAP characterizes the investment as “Series B funding to accelerate growth.”
Duco itself is “focused on simplifying complexity by employing advances in computer science research,” according to a statement from the company. Its hosted reconciliation service, Duco Cube, “enables firms to control complex data using light-touch, self-service technology. In the last 12 months, Duco Cube has reconciled more than one billion transactions.”
Noting that 26 financial institutions are now using Duco Cube, Christian Nentwich, Duco CEO and co-founder, points out in the statement that “our business plan was always to accelerate growth with second round funding. Post-trade infrastructure is undergoing fundamental changes, and this investment will enable us to build further international scale and enter multiple industry segments in the capital markets.”
Euclid Opportunities is part of the post-trade division of ICAP, which also includes TriOptima, Traiana, Rematch, Reset and ICAP Information Services. Portfolio companies include Enso Financial, OpenGamma and Abide Financial, according to the statement.
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