Ion rival TransFICC gets cash boost

TransFICC-gets-funding-from-more-banks — TransFICC targeting 35 to 50 “core” venues in next phase of growth

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After complaining about a lack of competition in the market for fixed income trading technology, more banks are putting their money where their mouths are by investing in TransFICC, a start-up rival to the sector’s dominant player, Ion Group.

TransFICC today announced it has closed a £5.75 million ($7.16 million) investment round. Led by AlbionVC, it includes strategic investments from HSBC and ING Ventures, which join Citi and the R&D unit of Commerzbank among the firm’s shareholders.

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