State Street, J.P. Morgan, Citi invest $11mn in SaaS platform Capitolis

Capitolis announced the completion of a strategic investment from Citi, J.P. Morgan and State Street that Reuters reported was valued at $11 million. The transaction represents a collaborative effort by the three global financial institutions for further adoption of Capitolis’ proprietary technology platform, which helps financial institutions free up capital and remove barriers that would otherwise restrict trading.

Capitolis enables firms to optimize their balance sheet exposures through technology by eliminating unnecessary positions and finding the most suitable party to hold the remaining positions. To date, Capitolis has eliminated $5 trillion in overall positions for more than 50 financial institutions, including many of the world’s largest banks, as well as hedge funds and asset managers.

The announcement follows a $40 million Series B funding round in November 2019, led by Spark Capital and SVB Capital, with participation from existing investors Index Ventures, Sequoia Capital and S Capital. Capitolis intends to use the funds from this latest investment to further accelerate its technology and product development, as well as expand sales and marketing initiatives in the months ahead.

Tobias Krause, head of Global Markets Resource Management for State Street, said in a statement that Capitolis’ products
“have improved resource efficiencies and unlocked previously idle capacity in OTC markets”.

Read the full release

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