A fintech agency aiming to digitise bonds has received a second funding enhance from Metropolis grandee Lord Spencer, and a brand new funding from blockchain boss David Rutter, including extra big-name clout to its bid to shake up the bond market.
The enterprise, referred to as Digital Debt Capital Markets, has raised £4.3m from present and new backers in a second funding spherical, it mentioned on 21 September.
The agency, which was co-founded and is led by former Barclays debt capital markets chief Charlie Berman, has developed a software program suite referred to as Agora to automate and streamline the often-manual administrative plumbing that underlies the bond market.
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Lord Spencer — the founding father of interdealer brokerage Icap, now Nex Group — mentioned he was rising his funding in DDCM by way of his IPGL funding group as a result of “the market dislocation caused by the Covid-19 crisis has confirmed… the enormous role that technology can play to support all market professionals”.
“The early feedback and results from DDCM’s latest testing with important bond market participants is hugely encouraging,” added Spencer, who was ennobled in August as Baron Spencer of Alresford.
Rutter, a former digital broking chief at Icap who went on to discovered and lead R3, a software program firm creating blockchain tech for banks, mentioned he has change into a shareholder in DDCM as a result of “the Agora Platform is one of the most exciting new applications being developed and will benefit all the existing stakeholders in bond markets”.
In the identical assertion, Berman mentioned the Covid-19 disaster “has only accelerated the desire and will of market participants across the bond lifecycle to develop and adopt new technologies to drive down costs, yield productivity gains and create ever more resilient and robust systems and processes”.
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