Trumid gains 71% increase in ADV and US$208 million financing

Dan Barnes

Bond trading platform Trumid has completed a new US$208 million financing led by Point Break Capital Management, a private investment firm with roots in Latin America. Motive Partners, a specialist private equity firm focused on financial technology investments, participated as a significant investor in the round. They were joined by Senator Investment Group, Phase2 Partners and existing investors including Dragoneer Investment Group, TPG, DST Global, Singapore Exchange (SGX), and funds and accounts managed by BlackRock and T. Rowe Price Associates.

As global credit trading is becoming increasingly electronic, Trumid is positioning to take an important role in that evolution. Growth capital from this financing is expected to enable Trumid to further enhance its leading edge technology and to expand its footprint to include additional trading protocols, asset classes and geographies.

Trumid’s trading platform has experienced significant market share and client activity growth, with reported daily trading volumes on the Trumid platform now almost seven times higher than two years ago. In 2021 alone, reported YTD average daily volume has increased 71% YoY. In addition to Trumid’s US corporate bond franchise, the company has recently added emerging market debt to its platform. Trumid’s partnership with Point Break Capital Management corresponds with the company’s expansionary initiatives in EM.

“Strong partnership with our community of clients and investors is how Trumid drives sustainable innovation and value,” said Mike Sobel, president of Trumid. “We’re thrilled to bring in investors whose expertise matches our strategic priorities. Credit market structure is evolving quickly and we’re excited to run hard at the big growth opportunities in front of us.”

Ashwin Kumar, industry partner at Motive Partners, said, “Trumid’s strong performance demonstrates its ability to deliver efficient trade execution and support global credit trading through outstanding technology. We see great potential for the creation of long-term value in the business and expect this round of funding to enable the company to achieve its expansion plans. We’re delighted to make our extensive resources in technology and innovation available to help the Trumid team drive those plans forward.”

Trumid recently announced electronic trading executive Bryan Harkins will join the company in a newly created role of chief revenue officer. Harkins will oversee the firm’s sales organization, with a focus on continued growth of its existing business and commercial leadership of Trumid’s protocol, product and geographic expansions. BofA Securities acted as placement agent on the transaction.

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