Fintech

LoopFX secures £2.6m investment from Augmentum Fintech

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LoopFX has secured a £2.6 million investment from Augmentum Fintech PLC. The funds will be used to build the team, improve the platform’s capabilities and support technological advancements.

  • Publishing group
  • June 27, 2024
  • 2 minutes

LoopFX, a London-based peer-to-peer FX trading platform, recently secured a significant investment of £2.6 million from Augmentum Fintech PLC.

Founded in 2022 by Blair Hawthorne and Timothy Johnson, LoopFX aims to revolutionize the foreign exchange (FX) market by providing a unique matching solution for large spot FX trades. The platform allows traders to engage with asset managers and banks in real time, ensuring no information leaks and offering trades at a mid-market rate. This innovation reduces trading costs and improves best execution processes, positioning LoopFX as a promising player in the FX market.

Augmentum Fintech, the leading European fintech-focused fund, has become the first institutional investor in LoopFX. Known for backing successful ventures like Tide and Zopa Bank, Augmentum’s investment follows the integration of LoopFX’s “Peer-To-Bank” matching technology into State Street’s FX Connect and FactSet’s Portware.

“We are increasingly focusing on opportunities in the capital markets space, where we see a trend of incumbents choosing to partner and partner with innovative early-stage companies. We believe LoopFX offers a textbook example of a fintech operating in the capital markets in partnership with blue chip financial institutions. LoopFX brings efficiency in trading and price discovery to the FX market, which in turn will help participants comply with the MiFID II best execution trading regime,” said Tim Levene, CEO of Augmentum Fintech, underlining the importance strategy of this investment.

The £2.6m investment will be crucial for LoopFX as it approaches its official launch. According to Blair Hawthorne, the funds will be used to build the team and accelerate the platform’s capabilities to meet customer needs.

“Augmentum’s expertise and network will be strategically vital to LoopFX as we approach launch. And their investment will help us build our team and accelerate our ability to meet our customers’ needs. As our first institutional investor, Augmentum will join the ranks of other world-class collaborators, including our first partner State Street FX Connect, as well as Portware by FactSet,” said Hawthorne.

The investment will also support further technological advancements and product developments, ensuring LoopFX remains at the forefront of innovation in the FX market.

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