ICAP invests further in Duco
Series B funding to accelerate growth. Strategic investment made through Euclid Opportunities, ICAP’s early stage fintech funding business
LONDON, 21 September 2015 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, has further invested in Duco, a London-based fintech provider of hosted reconciliation services. The investment was made through Euclid Opportunities, ICAP’s early stage funding programme. Terms of the investment were not disclosed.
“Following a very successful 18-month period, where we now have 26 financial institutions using our on-demand reconciliation system, Duco Cube, our business plan was always to accelerate growth with second round funding. Post-trade infrastructure is undergoing fundamental changes, and this investment will enable us to build further international scale and enter multiple industry segments in the capital markets,” said Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D.
Steve Gibson, Managing Director of Euclid Opportunities said, “We originally invested in Duco in 2012 and continue to be extremely impressed with how the firm has established itself in the market place, the pace of its growth and the quality of its offering. Reconciliation and data management are critical services in the context of new regulatory demands and tighter scrutiny on daily operational, risk, compliance and finance areas. Providing an innovative, powerful and scalable solution has strongly resonated with the market and the firm is well on the way to becoming the standard in the industry.”
Jenny Knott, CEO of ICAP’s Post Trade Risk and Information Services, said, “This new investment will foster continued technology innovation to further help Duco’s clients as they navigate an ever-changing regulatory and competitive landscape. Duco is a tremendous example of the kind of firm in which we continue to look to invest.”
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. Through Euclid Opportunities, an ICAP-owned early stage funding programme, ICAP supports innovative financial technology firms in the areas of post trade risk management, data and financial market applications. Euclid Opportunities forms part of the post trade division of ICAP, which also comprises TriOptima, Traiana, Rematch, Reset and ICAP Information Services. Portfolio companies include Enso Financial, OpenGamma and Abide Financial.
Duco is a technology company focused on simplifying complexity by employing advances in computer science research. Its award-winning hosted reconciliation service, Duco Cube, enables firms to control complex data using light-touch, self-service technology. In the last 12 months, Duco Cube has reconciled more than one billion transactions. Duco won the 2014 FOW International Award for “Best New Product – Reconciliation” and was one of only seven firms chosen to participate in the prestigious 2015 FinTech Innovation Lab in London. Financial News named Duco CEO Christian Nentwich to its “40 Under 40 Rising Stars of Trading and Technology” as well as its “40 leaders in fintech” list of individuals who “display influence or innovation in the emerging financial technology ecosystem.” Headquartered in London, Duco serves clients throughout Europe, the United States, Africa and Asia.