Fintech Startup Building Modern Infrastructure for Capital Markets Clear Street has secured a $270 million Series B fund to replace outdated infrastructure.
The funding round that brought the fintech company’s recent valuation to $2 billion was led by Growth equity firm Prysm Capital. The funds raised will help the startup continue to grow its team and form new partnerships to achieve its goal of improving access across capital markets.
Speaking about Clear Street’s mission, company co-founder and CEO Chris Pento said, “The company was founded to replace the outdated infrastructure used across capital markets, starting with a premium brokerage platform for institutional investors. The US public securities industry, which moves trillions of dollars a day, still relies on mainframe technology from the 1980s.
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“These legacy systems are rooted in manual processes and siled data, resulting in costly errors and expensive technical debt. For many companies, replacing these outdated systems will be like removing the engine from an airplane in mid-air. It is time-consuming and difficult to carry out with fragmented technology.”
As customers demand better technology and service, Clear Street is stepping up to solve this problem through its cloud-based platform that provides the services and data investors need to compete in today’s market. The startup’s proprietary technology platform adds significant efficiencies to the market while focusing on maximizing returns and minimizing risk and costs for clients.
Clear Street takes proven technology from the world of Silicon Valley and applies it to finance. The technology stack uses modern cloud-based infrastructure, including resilient service orchestration, event-driven real-time processing and scalable data warehousing, a stark contrast to the batch processing offered by mainframes.
The entire startup suite of software systems is built on this consistent and cohesive technology stack, allowing components to communicate seamlessly and stay in sync, eliminating the need for tedious reconciliation processes.
Over the past 12 months, New York-headquartered Clear Street has expanded its leadership team across business areas and has built a team of nearly 100 engineers to support product development and meet customer demand. Under the leadership of Chris and Sachin, the fintech startup has built a ground-breaking platform that competes with established players in the industry.
Clear Street’s goal is to provide all market participants, from emerging managers to large institutions, with the tools and services they need to compete in today’s fast-paced markets. The company understands that to keep up with the accelerating pace of modernization, companies will need to invest in technology to meet the needs of investors and regulators, while noting that those who do so will be part of building the modern, scalable future of the capital markets. thereby improving access, speed and service for all participants.
With markets moving faster than ever, Clear Street makes around 6,000 updates to its platform each year and is constantly redefining its processes to help clients move with today’s fast-paced markets.
