Deutsche Börse invests $10m in fintech firm Trumid
Deutsche Börse will invest $10 million in New York-based Trumid Financial – a fintech firm offering an electronic trading network for corporate bonds.
The $10 million gives Deutsche Börse a minority stake as an add-on to Trumid’s previously disclosed $28 million financing made earlier this year, and which included Chinese financial firm CreditEase.
Hauke Stars, Deutsche Börse executive board member and head of cash markets, says the investment will give it “new insight into this rapidly evolving market; and therefore we will find further ways to collaborate”.
Trumid will use the new funding to expand its technology offering. Both firms will also work together to develop products and services for the European market. Although no other specifics were offered.
Deutsche Börse’s investment will be managed by its corporate venture capital arm, DB1 Ventures.
Trumid is a wholly-owned subsidiary of Trumid Holdings. The latter was founded in 2014.