04 Jun

TransFICC - Most Promising Sell-Side Startup

TransFICC recently won the Sell Side Technology Award for 'Most Promising Sell-Side Startup'

Steve spoke with Sell Side Technology about why TransFICC was established and the company's progress to date.

'Steve Toland, founder of TransFICC, was previously provided a similar service—an API aggregation service for foreign exchange (FX)—and was approached by a colleague at a bank who wanted to understand the firm’s business model.

“I drew it out for him and he asked whether we could code to 15 primary fixed-income market venues because he felt that the bank needed an alternate service provider,” Toland says. “To cut a long story short, the company I was at didn’t want to do it because it was FX-only. He thought that I was missing out on a huge opportunity and so I went to see some banks. After I had seen 10, I didn’t need to talk any more—I resigned and started writing a business plan for TrandFICC.”

TransFICC currently has two investment banks as clients, and is testing with another nine banks and two buy-side institutions. Toland explains that while the business was bootstrapped initially, it recently received seed funding from Illuminate Financial and Frankfurt-based Main Incubator (part of Commerzbank), and has joined Accenture’s FinTech Innovation Lab in London and the FinLab in Singapore. '

The complete article can be read at