Tradefeedr today announced that it has raised $3 million in early-stage financing, to modernise trading analytics workflows.

Over the past year Tradefeedr has signed up 14 liquidity providers and a number of clients to use the platform, including Goldman Sachs, UBS, XTX Markets and Insight Asset Management. Tradefeedr allows clients to query and analyse their FX trading data from participating liquidity providers and ECNs via a standardised API, enabling them to improve the quality of their trade execution.

The majority of the new funds come from IPGL, the private investment company owned by Lord Michael Spencer, the founder of global markets company, ICAP plc and subsequently financial technology business, NEX plc. IPGL is a fintech investor with a focus on new applications for the wholesale market.

Seth Johnson, former CEO of NEX Markets, is also supporting the fund raising and has been appointed as Tradefeedr’s Chairman to support the business in its development.

Tradefeedr was established in 2018 by Balraj Bassi and Alexei Jiltsov, who had previously worked together at Lehman Brothers and launched Blacktree, a macro systematic hedge fund.

Seth Johnson said:

“I am delighted to become chairman of Tradefeedr and have the opportunity to back the business. Tradefeedr is precisely the type of company we used to look to invest in when I was at NEX – one with great technology, a great product and great growth potential, as well as talented and expert founders. I am looking forward to working with Balraj and Alexei to help them deliver on the company’s potential.”

Michael Spencer added:

“Tradefeedr is a really promising financial technology business, with the right combination of technical knowhow and market wisdom and I am very pleased to be able to back it at this stage in its development. I believe they have an excellent product and I wish Seth, Balraj and Alexei every success.”