Clear Street, a New York-based independent prime broker, announced that it has received a strategic investment from IMC Investments, the venture capital arm of IMC, a proprietary trading firm and global market maker.
“Clear Street’s mission to modernize the capital markets infrastructure presents a compelling opportunity,” said Osi Lilian, IMC Investments co-lead, in a statement.
“As a technology-first firm, IMC is therefore excited to collaborate with and be a part of the long-term success of Clear Street,” added Jurjen Koksma, IMC Investments co-lead, in a statement.
Founded in 2018, Clear Street has built a proprietary, cloud-native prime brokerage platform that processes more than $10 billion in daily notional trading value of US equities.
“The backing of IMC underpins the positive response Clear Street has received in the market,” said Chris Pento, CEO and co-founder of Clear Street, in a statement. “Clients are demanding better technology and better service. We’re answering that call with a platform that meets the needs of a modern marketplace.”
IMC’s investment complements Clear Street’s May 2022 $165 million Series B funding round, the firm’s first venture capital raise since its inception in 2018. In 2022, the firm onboarded more than 150 institutional prime brokerage clients and expanded its service areas in capital introduction, repo, securities lending, risk, and operations.