Provable Markets, a NYC- and Amsterdam, the Netherlands-based provider of front, middle, and back-office technology solutions for Securities Finance, raised $8M in Series A funding.
The round was led by Dialectic Capital Management, with participation and support of current investors Inkef Capital and Anthemis. John Fichthorn, Founder of Dialectic Capital Management, will join the Board of Directors, which has also added industry pioneers Steve Greenblatt and Derek Penn as independent Directors over the past year.
The company intends to use the funds to scale the product offering and network.
Led by CEO Matt Cohen, Provable Markets offers a focus on market structure, leveraging subject matter expertise on its team from the evolution of electronic trading in equities. The platform is positioned with direct venue to settlement connectivity enhanced by the securities lending markets’ first open source API library and ability to route orders to all participant types. Customers can transact in cleared and non-cleared Securities Lending transactions with real-time lifecycle management and settlement messaging to the depository trust company (“DTC”) that is managed as ongoing open interest via its SEC registered alternative trading system (“ATS”).
Commenting on the news, Matt Cohen said: “In many ways, it is the first of the traditional capital markets ecosystems that rely on T-0, real-time settlement. Our platform is designed to work both independently and within the confines of the existing infrastructure to more flexibly support this dynamic execution and post-trade relationship.”