CloudMargin has closed its largest funding round to date, bringing in $15 million in a Series B capital raise. The funds will be used to improve the technological capability of the platform and expand its sales and client service capabilities in the U.S. and Asia to meet greater demand.
“Having adopted the CloudMargin platform in 2018 to support the provision of efficient outsourcing services for our clients, we have been impressed by the technology and chose to invest in the company,” said Sanjiv Sawhney, Head of Custody and Fund Services at Citi.
“We’re delighted to enjoy the confidence of these premier global institutions. During this unprecedented period of global turmoil and market volatility, it speaks volumes for the CloudMargin business model that we were able to successfully close this meaningful investment round with such high calibre partners,” said CloudMargin’s CEO Stuart Connolly.
“CloudMargin is a key partner for Deutsche Bank’s collateral management division, and we have been working closely together since we established our partnership in 2018. Our investment reflects our confidence in CloudMargin’s world-class platform and its future within the industry,” said Joseph Macdonald, Director, Fixed Income and Currencies Trading for Deutsche Bank.
“CloudMargin is a perfect investment opportunity. Its innovative and agile technology brings crucial momentum to all players in the collateral management industry,” added Tilman Fechter, Head of Banking, Funding & Financing at Deutsche Börse-owned Clearstream.
Since the company’s inception in 2014, CloudMargin has raised $35 million through equity issuance, with investors including IHS Markit, Jefferies and Illuminate Financial.