MayStreet announced the closing of a Series A financing round led by Credit Suisse Asset Management’s NEXT Investors, a leading fintech growth equity group that invests in high-growth private businesses that interact with the financial services industry. The $21 million investment will be used to accelerate MayStreet’s growth through the full globalization of its market data infrastructure platform across asset classes, further product development and the expansion of the company’s sales and marketing presence.
Combining ultra-low latency architecture with high-precision, full depth-of-book data, MayStreet enables its clients to gain deeper insights into how global capital markets operate. The platform delivers both real-time and “near-time” intraday historical data, transforming clients’ firm-wide workflows ranging from trade execution and surveillance to instant market analysis, end-of-day reporting, historical back testing and more.
Patrick Flannery, MayStreet CEO and co-founder, said in a statement: “For firms across our industry –banks, quantitative investment firms, traditional asset managers, trading system vendors, etc. – the race is on to figure out how to most effectively extract value out of the ocean of market data that gets created each day. From our standpoint, this is an incredibly exciting problem to solve, which is why we’ve worked so hard these past eight years to develop, in conjunction with some of the world’s most demanding users of market data, a sophisticated platform to do just that. Credit Suisse NEXT Investors sees the world in a similar way, and we are thrilled to have the opportunity to work with them to further scale our business.”
“We have been following MayStreet’s progress and believe the technology they’ve developed is truly differentiated,” said Greg Grimaldi, co-head and portfolio manager of NEXT Investors at Credit Suisse Asset Management, who will be appointed to the MayStreet board of directors. “The ability to efficiently leverage market data enterprise-wide is clearly becoming more and more critical each day, and we believe that MayStreet is incredibly well-positioned to help firms across the capital markets modernize their infrastructure to meet these challenges.”
In addition to joining the MayStreet board, trading technology and market data industry veteran Rishi Nangalia will be a strategic advisor to the firm. He said in a statement: “Throughout my career, I have witnessed countless examples of legacy market data infrastructure that have caused a substantial drag on performance for firms of all types. MayStreet brings a powerful and scalable solution to these problems, and I’m looking forward to helping the whole team at MayStreet accelerate the growth of the impressive business they’ve built.”
In November, MayStreet became the data provider for the SEC’s MIDAS system through MayStreet’s acquisition of certain Thesys Technologies assets. With the deal, the SEC joined a growing list of MayStreet customers that includes many of the world’s leading financial institutions.