Fintech startup Capitolis fundraising from Citi, JPMorgan and State Street
- NY based Capitolis received an $11 million funding from Citi, J.P. Morgan and State Street.
- Capitolis raised the $40 million Series B funding round in November 2019.
- Capitolis will use the funds for technology and product development, as well as for sales and marketing.
Founded in 2017, New York-based financial technology startup Capitolis received an $11 million funding from Citi, J.P. Morgan and State Street. Capitolis is a software-as-a-service (SaaS) provider having a platform that provides financial resource optimization for capital markets.
Capitolis is expected to use the funds for technology and product development, as well as for enhancing sales and marketing initiatives in coming periods. Capitolis has offices in New York, London and Tel Aviv. Since the launching of its software, Capitolis managed to grow the client list to more than 50 financial institutions, as well as many hedge funds and asset managers. And it has recorded transaction volumes of $1.5 trillion notional.
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Capitolis has developed a proprietary platform helps financial institutions to improve the liquidity in the markets by eliminating unnecessary positions, and allowing banks to immediately obtain the capital required to trade with other most appropriate financial institutions having larger balance sheets.
“We are proud to support Capitolis and its innovative approach to capital optimization and efficiency,” said Okan Pekin, Global Head of Securities Services at Citi. “We have been growing supporters of the platform since its inception and believe Capitolis’ unique approach will play a significant role in enhancing global markets by driving increased industrywide collaboration to achieve higher growth.”
Capitolis did not disclose the valuation aspects. Earlier in November 2019, Capitolis raised the $40 million Series B funding round, led by Spark Capital and SVB Capital along with participation from existing investors Index Ventures, Sequoia Capital and S Capital. The financing was secured for expansion of Capitolis’ platform and products.