UK-based financial technology developer Nivaura has expanded its seed round to $20m following an extension led by stock exchange operator London Stock Exchange, Coindesk reported yesterday.
The round also included Santander InnoVentures and Transamerica Ventures, respective corporate venturing units for financial services firm Santander and insurance provider Transamerica, as well as aw firms Linklaters and Orrick.
Venture capital firms MiddleGame Ventures and Digital Currency Group filled out the round together with Spencer Lake, the former head of global markets at financial services firm HSBC.
Nivaura had raised an undisclosed amount in its initial seed round in 2017, before adding a second tranche of undisclosed size in January 2018.
Founded in 2016, Nivaura has developed workflow management and process automation software that enables banks, exchanges and other financial institutions to upgrade their core infrastructure and deploy digital investment banking platforms.
The company’s technology is used to automate the manual processes in the issuance and administration of instruments such as bonds, debt, equity, derivatives and structured products.
In addition to hiring new staff across all areas, proceeds from the round will be used to expand into the US and Asia, as well funding its research and development.