Clear Street attracts US$270 Million in Series B funding
12 April 2023 US
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Clear Street has received a US$270 million investment from growth equity specialist Prysm Capital, taking the value of the New York-based bank to US$2 billion.
This is the second tranche of investment that Prysm has made in Clear Street’s Series B funding, following on from a US$165 million commitment that it made in May 2022 alongside co-investors including IMC Investments, NextGen Venture Partners, Walleye Capital, NEAR Foundation, Belvedere, McLaren Strategic Ventures and Validus Growth Investors.
This additional funding will power Clear Street’s ambitions to extend its service coverage across new markets and asset classes, to accelerate product expansion and to support clients wishing to consolidate to a single solutions platform.
This builds on investments that the prime broker made during 2022 to extend its sales and engineering teams, with a number of high-profile appointments, including Rob Sackett as head of prime financing and Raj Karan Singh as senior managing director of securities finance. Since its launch in 2018, the company has released repo trading and capital introduction services, grown its securities lending business and enhanced its risk, operations, report and client service portals.
Clear Street co-founder and CEO Chris Pento says: “Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients.
“Over the past year, the number of institutional clients on our platform increased by 500 percent and our daily transactional volume increased over 300 percent. We’re excited to keep this momentum with support from our continued partnership with Prysm.”
Matt Roberts, co-founder and partner at Prysm Capital, adds: “The Prysm team seeks to invest in disruptive and innovative companies that execute at a premier level and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in capital markets today and truly set them apart from competitors.
“We have tremendous confidence in Clear Street’s outlook, and look forward to continuing our partnership in the Company’s next phase of accelerated growth.”
This is the second tranche of investment that Prysm has made in Clear Street’s Series B funding, following on from a US$165 million commitment that it made in May 2022 alongside co-investors including IMC Investments, NextGen Venture Partners, Walleye Capital, NEAR Foundation, Belvedere, McLaren Strategic Ventures and Validus Growth Investors.
This additional funding will power Clear Street’s ambitions to extend its service coverage across new markets and asset classes, to accelerate product expansion and to support clients wishing to consolidate to a single solutions platform.
This builds on investments that the prime broker made during 2022 to extend its sales and engineering teams, with a number of high-profile appointments, including Rob Sackett as head of prime financing and Raj Karan Singh as senior managing director of securities finance. Since its launch in 2018, the company has released repo trading and capital introduction services, grown its securities lending business and enhanced its risk, operations, report and client service portals.
Clear Street co-founder and CEO Chris Pento says: “Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients.
“Over the past year, the number of institutional clients on our platform increased by 500 percent and our daily transactional volume increased over 300 percent. We’re excited to keep this momentum with support from our continued partnership with Prysm.”
Matt Roberts, co-founder and partner at Prysm Capital, adds: “The Prysm team seeks to invest in disruptive and innovative companies that execute at a premier level and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in capital markets today and truly set them apart from competitors.
“We have tremendous confidence in Clear Street’s outlook, and look forward to continuing our partnership in the Company’s next phase of accelerated growth.”
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