Venture capital firm IMC Investments invests in Clear Street
15 February 2023 US
Image: AdobeStock/Ricochet64
Clear Street has received strategic investment from venture capital firm IMC Investments.
The investment, for an undisclosed sum, provides additional backing to efforts of the New York-based international prime broker to build a modern capital market infrastructure that does not rely on legacy technology.
Established in 2018, Clear Street has been building a cloud-native, proprietary clearing and custody system to replace ageing legacy technology across capital markets and indicates that it now processes more than US$10 billion in US equity notional trading value on a daily basis.
This investment from IMC Investments, the venture capital division of prop trading and market maker IMC, builds on the US$165 million that Clear Street raised through its Series B funding round which closed in May 2022.
Clear Street indicates that, in 2022, it onboarded more than 150 institutional prime brokerage firms and extended its service coverage in securities lending and repo, financial operations and capital introductions.
Chris Pento, Clear Street鈥檚 CEO and co-founder, says: 鈥淭he backing of IMC underpins the positive response Clear Street has received in the market.
鈥淐lients are demanding better technology and better service. We're answering that call with a platform that meets the needs of a modern marketplace.鈥�
Osi Lillan, co-lead of IMC Investments, adds: 鈥淐lear Street鈥檚 mission to modernise the capital markets infrastructure presents a compelling opportunity鈥�.
The investment, for an undisclosed sum, provides additional backing to efforts of the New York-based international prime broker to build a modern capital market infrastructure that does not rely on legacy technology.
Established in 2018, Clear Street has been building a cloud-native, proprietary clearing and custody system to replace ageing legacy technology across capital markets and indicates that it now processes more than US$10 billion in US equity notional trading value on a daily basis.
This investment from IMC Investments, the venture capital division of prop trading and market maker IMC, builds on the US$165 million that Clear Street raised through its Series B funding round which closed in May 2022.
Clear Street indicates that, in 2022, it onboarded more than 150 institutional prime brokerage firms and extended its service coverage in securities lending and repo, financial operations and capital introductions.
Chris Pento, Clear Street鈥檚 CEO and co-founder, says: 鈥淭he backing of IMC underpins the positive response Clear Street has received in the market.
鈥淐lients are demanding better technology and better service. We're answering that call with a platform that meets the needs of a modern marketplace.鈥�
Osi Lillan, co-lead of IMC Investments, adds: 鈥淐lear Street鈥檚 mission to modernise the capital markets infrastructure presents a compelling opportunity鈥�.
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