West African Derivatives Exchange raises £13.5m to launch operations

Fledgling fintech company West African Derivatives Exchange has raised nearly £13.5m ($17.8m) in equity since it launched in December.

The London-based company raised £9.93m ($13.1m) in a venture capital-backed financing round at the end of last year, topping that up with a £3.55m ($4.7m) Series A financing in February 2016.

The online derivatives exchange has not registered any accounts yet. First registrations are expected as early as December this year, according to an official filing with the UK authorities.

The company has raised £24.2m ($31.9m) overall since its inception, including the two equity rounds and two convertible note issues for a total of £10.8m ($14.2m).

West African’s board currently comprises six directors, including Rahim Thawer whose firm Thawer Fund Management is an investor in the new business.

Copyright © 2016 FINTECH GLOBAL

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