LightPoint Financial Technology, a trading and risk platform, has closed its Series A on an undisclosed amount.
Contributions to the round came from Citco Group and Ares Management.
In line with the funding, Ares Management CEO and president Michael Arougheti will join the company’s board of directors, as will Citco head of fund services Jay Peller. Through these positions they will provide strategic consult and insight to product development.
LightPoint offers investment managers with a cloud-based SaaS solution to help with data-based regulatory requirements and calculating pricing and risk. The platform’s offerings include tools for portfolio management, trade execution, settlement, compliance, reconciliation, finance, risk, administration and client reporting.
By analysing collective data, LightPoint is able to meet regulatory, compliance and investor demands and ensure the cybersecurity.
Following the investment, LightPoint will look to continue to expand its product suite and apply new technologies.
The company is hoping to utilise distributed ledger technology to transform the book-of-records into a shared ledger which could be distributed among the trading community. By doing this, they could remove various laborious processes and costs which would lower operating risks for clients and the trading community, the company said.
LightPoint president Brant Arseneau said, “We have innovated a new business architecture that sees our comprehensive and highly-configurable trading and risk workflow sit on top of an extensible bi-temporal cross-asset book-of-record (BOR) core. This provides managers with a one-stop solution for accessing their data and running analyses.”
Earlier in the year, Ares Management deployed a $35m senior credit facility into financial wellness benefit platform FitFit Ops.
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