Bond trading platform developer Trumid raised its latest round, featuring Singapore Exchange, at a $2.4bn valuation. This is one of the latest examples of such multi-million dollar deals from the roaring fintech space.
US-based online bond trading platform Trumid closed a $208m financing round, which included trading exchange operator Singapore Exchange (SGX) among other investors. The transaction took place at a reported valuation of $2.4bn. The round was led by Point Break Capital Management and also included Motive Partners, Senator Investment Group, Phase2 Partners, DST Global, TPG, Dragoneer Investment Group, BlackRock and T Rowe Price.
Founded in 2014, Trumid has developed and runs an online platform for corporate bond market which enables investors to trade directly with one another. The company claims average trading volume on its platform has increased by 71% year-on-year and is now almost seven times the level it was at just two years ago. Trumid intends to use the proceeds from the round to further develop its platform and move into new asset classes and geographical areas. Trading exchange operator Deutsche Börse Group is another corporate investors that has backed the company in previous rounds.
Trumid is part of the broader fintech space which has enjoyed much attention from corporate investors, as the GCV Analytics historical bar chart below illustrates. The number of corporate-backed deals in fintech enterprises has grown exponentially over the past decade but this year the growth has been particularly notable, even when just compared to the previous one. The number of corporate-backed deals in fintech businesses by the end of the third quarter this year stood at 547, nearly 23% more than throughout all of 2020 (445 rounds). The same was true for the total estimated capital in such rounds, which amounted to $33.4bn, or 149% up from the estimated $13.4bn.
