Deutsche Börse’s venture arm DB1 Ventures has acquired a minority stake in WeMatch, an Israel-based fintech company digitising the wholesale derivatives industry, as part of the latter’s US$ 19.5 million Series B equity funding round. The deal closed on 30 September 2021.
Other investors in the funding round included Augmentum Fintech PLC, Illuminate Financial and existing shareholder J.P. Morgan.
WeMatch develops web-based solutions to replace voice broking by automating matching, negotiation and lifecycle management for instruments such as securities borrowing and lending, total return swaps, interest rate derivatives, as well as equity derivatives.
It provides market participants with a one-stop solution across a range of assets, cutting costs for clients, increasing efficiency and reducing conduct risk for traders.
WeMatch was founded in 2016 and currently has 26 employees across offices in Tel Aviv, London, and Paris.
So far, the firm reports that 40 banks and 17 fund managers have been onboarded, with a notional of over US$ 1 trillion matched to date.
“The digitalization of workflows combined with seamless access to large liquidity pools at market infrastructure providers has been driving the collaboration between WeMatch and Deutsche Börse; hence, this investment makes perfect sense and further strengthens our partnership.
It is a win-win from our perspective – Deutsche Börse will benefit from WeMatch’s agility and innovation power, and WeMatch will benefit from our deep liquidity pools and strong global distribution power facilitating further growth for both firms.”
said Matthias Graulich, Member of the Eurex Clearing Executive Board at Deutsche Börse.
“The combination of the significant synergies with a leading European exchange like Deutsche Börse, the continued support of our banking partners J.P. Morgan and Société Générale, and the contribution of impactful Fintech VCs like Illuminate Financial and Augmentum, will help us deliver our project to digitize capital market workflows on a global scale for both sell-side and buy-side Institutions.”
said Joseph Seroussi, co-CEO of WeMatch.