A new fintech firm which aims to improve the technology underlying capital markets has grabbed $29m (£21m) of venture capital funding.
Capitolis, which is based across London, New York and Tel Aviv, announced $20m of series A funding from Index Ventures and a prior $9m seed round led by Sequoia Capital.
The business’s technology is initially focusing on equities and foreign exchange to address “capital markets constraints”.
“We believe there is a significant and untapped opportunity to better distribute capital through the system which can be unlocked by the appropriate products, skills, experience and focus that Capitolis brings,” said the business’s chief executive Gil Mandelzis, the former boss of Icap’s EBS BrokerTec.
The firm will announce its first products later this year.
Capitolis was founded by Mandelzis along with Tom Glocer, former CEO of Thomson Reuters, and Igor Teleshevsky, ex-head of technology at Traiana which was sold to Icap for $238m.