Digital Debt Capital Markets raises £4.32 million from IPGL Ltd and David E. Rutter

Digital Debt Capital Markets, a London, UK-based developer of a financial technology, announced the closing of a follow-on seed round of £4.32 million ($5.5M)

The money was raised from a group of individuals and family offices from the UK led by IPGL Ltd and including American executive David E. Rutter.

The new funding will be used to develop the business by hiring critical staff for marketing, user support and further software development.

Digital Debt Capital Markets, founded in 2018 by CEO Charlie Berman and Naveed Nasar, developed a software solution called agora that is to be used to enhance, upgrade and improve communication and processes from a bond’s issuance to repayment at its term. The company has completed the initial development and in-house testing of its first phase software as it has been collaborating with major bond market participants including issuers, lead managers, lawyers and multiple service providers including custodians, central securities depositories (CSDs & ICSDs), issuing and paying agents (IPAs) to develop its software to connect them and reconcile data throughout the full life cycle of a bond.

Prior to this round DDCM closed an initial seed funding round of £2.5M ($3.2M) in September 2019.