BidFX, the UK-based foreign exchange subsidiary of US-headquartered market trading software provider TradingScreen, has received $25m in funding from trading bourse operator Singapore Exchange (SGX), in return for a 20% stake.
SGX supplied the capital through its Asian Gateway Investments subsidiary. BidFX, which had not previously raised equity funding, had a book value of £2m ($2.6m) at the end of 2018, it said.
Founded in 2017, BidFX operates an electronic trading system for foreign exchange (FX) products that enables clients to execute FX trades, manage currency orders and conduct other trade-related tasks.
The spinoff has forged an alliance with SGX’s derivatives clearing and trading subsidiaries to facilitate FX trading on SGX markets using BidFX’s software.
The final size of SGX’s investment was based on factors including potential synergies between the two companies, BidFX’s contacts with institutional clients and the value of its intellectual property.