Innovative firms serving the back office needs of Wall Street and other large enterprises continue to prosper, with promising new startups in a crucial niche–fraud prevention–sprouting.
Trumid
Corporate debt trading platform that executes high-stakes trades across investment grade, high yield, distressed and emerging market debt asset classes for users at 730 client financial institutions, including JPMorgan, Citi and Goldman Sachs. In February 2023 it launched its portfolio trading protocol, allowing users to trade portfolios of bonds in addition to single securities, integrated with its dealer-to-client attributed trading protocol which facilitates negotiations. Traders can also make transactions anonymously.
Headquarters: New York, New York.
Funding: $650 million from Point Break, Motive, Dragoneer and others.
Latest valuation: $2.4 billion.
Bona fides: Average daily trading volume in April was $3.1 billion, up 54% year over year.
Founder: Co-CEO Ronnie Mateo, 49, former credit trader at Trinity Brokers, recruited Lehman Brothers and Barclays Capital veteran Mike Sobel, 43, to be president and now co-CEO.
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