Institutional peer-to-peer FX spot trading startup LoopFX has announced that the company has raised a  new round of funding with Augmentum Fintech, Europe’s leading fintech fund, who have invested £2.6 million (USD $3.3 million) into the business.

Augmentum Founder & CEO Tim Levene will join the Board of LoopFX, which is chaired by John Sievwright and includes experienced financial services entrepreneurs Martin Gilbert, Michael Soutar and Ivan Ritossa.

LoopFX serves both the buy-side and sell-side by sourcing large block liquidity in a dark pool, eliminating information leakage. Matching asset managers and banks at an independent market mid-rate, LoopFX reduces trading costs and improves execution processes for large FX trades in excess of $10 million.

LoopFX was founded in 2022 with plans to go live in 2023, but has hit some delays, which the current funding round should help mitigate.

Founder and CEO of LoopFX, Blair Hawthorne, said,

“Augmentum’s experience and network will be strategically vital for LoopFX as we move towards launch. And their investment will allow us to build our team and accelerate our capability to meet the needs of our customers. 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 FactSet’s Portware.”

Founder and CEO of Augmentum Fintech, Tim Levene, added,

“We are increasingly focusing on the opportunity in the capital markets space where we see a trend of incumbents opting to collaborate and partner with innovative early-stage companies.

“We believe LoopFX offers a text-book example of a fintech operating in the capital markets in partnership with blue chip financial institutions. LoopFX brings efficiencies in trading and price discovery to the FX market which in turn will help participants comply with MiFID II’s best execution trading regime.”