LONDON, Sept. 21, 2015
/PRNewswire/ -- 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."
About ICAP
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.
About Duco
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.
For more information, please visit du.co
Logo - http://photos.prnewswire.com/prnh/20141206/162756LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/icap-invests-further-in-duco-300145657.html
SOURCE Duco; ICAP