ICAP plc (LON:IAP), markets operator and provider of post trade risk mitigation and information services, has just announced further investment in Duco, a London-based fintech provider of hosted reconciliation services. The investment was carried out via Euclid Opportunities, ICAP’s early stage funding programme.
The news comes after earlier this month ICAP announced a strategic investment in Abide Financial, an international regulatory reporting specialist.
“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.”
To view the announcement from ICAP, click here.