Trumid Financial, which aims to improve credit trading, has become the year’s latest FinTech unicorn, following the close of a $200m round.
The capital was injection was led by growth equity firm Dragoneer Investment Group, with contributions also coming from TPG, T. Rowe Price Associates, BlackRock and more, according to a report from Bloomberg.
With the fresh equity, the company plans to expand into new geographies and enhance its product suite to meet the needs of emerging markets. One of the regions the company is looking for growth in is Asia.
This investment round brings Trumid’s valuation to more than $1bn, the article said.
The unicorn status comes after a successful year for Trumid, despite the market uncertainty. This year it has reportedly witnessed a 500% growth in volume and a 25% growth in daily users between the first and second quarters of 2020. It has also seen the number of bonds traded increase by 250% from last year.
Trumid has created an electronic bond trading platform which brings together a network of market participants. Its platform leverages data to bolster transparency, liquidity and trade execution.
While the financial market is going through a rough patch, it is not stopping some companies reach new heights. There have been a handful of companies to reach the unicorn status this year. One of which was digital remittance company Remitly.
The payments company hit a $1.5bn valuation following the close of an $84m investment from investors including DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures and Top Tier.
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