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September 18, 2007
Oanda Taps US Investors in $100M Round for FX Trading
Sister site alarm:clock weighs in with some analysis of the online foreign currency (FX) exchange market along with the news that Swiss-founded Oanda, a platform operator and broker, has raised a $100M Series B investment.
A syndicate of investors came together to boost the now Delaware-based firm's capital - namely New Enterprise Associates (NEA), Cascade Investment LLC, T. Rowe Price (mutual funds), and Legg Mason (mutual and hedge fund manager), along with early investor Index Ventures.
Oanda, which offers its platform as a white label service, was founded in 1996 and has been profitable since 2001, according to Index Ventures.
It raised the new capital to boost its balance sheet to be capitalized on par with the larger fx trading ventures, something it needs to do if wants to grow a white label service to banks and other financial institutions. Going white label is a necessity in this high-volume low margin business.
According to the cftc (a regulatory agency), Oanda had about $34.4M of net capital on its book at the end of May (pdf).
Elsewhere, Dow Jones quotes an unnamed source who said Oanda's valuation is up to half a billion dollars.
Oanda was co-founded by Swiss entrepreneur Richard Olsen and Michael Stumm, a professor at the University of Toronto.
Read - Oanda Gets (dow jones via fxstreet)
Posted on September 18, 2007 04:29 AM | Posted to News And Updates | Online services | Permalink
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