TransFICC raised a $17 million funding round led by AlbionVC.

TransFICC, a London, UK-based software company developing e-trading technology for banks and asset managers, announced that it raised $17 million in a new equity financing round.

The money was raised from investors led by AlbionVC and joined by all existing institutional shareholders, including Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator (the early stage CVC unit of Commerzbank).

Cat McDonald of AlbionVC will also join the TransFICC’s board.

The proceeds will be used to expand engineering teams, develop new products, open new offices in New York and Brussels, and add to its salesforce.

TransFICC, founded in 2016 by Judd Gaddie, Steve Toland and Tom McKee, built an e-trading technology for banks and asset managers trading in Fixed Income and Derivatives markets. The platform wants to support additional venue connectivity and automated workflows in the U.S. rates and credit markets, including the U.S. Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS and CDS products. Additionally, new products will be developed, which includes a complete e-trading system, incorporating a trader desktop interface.

TransFICC previously raised $7 million back in 2020.