Cicada, a U.S.-regulated electronic trading platform connecting institutional capital to local-currency markets in Latin America, announced it has raised $13.5 million in a Series A funding round led by Citi. The round included participation from the Brazilian Stock Exchange (B3) through its independent venture capital arm, L4, as well as Kaszek, Dila, and Crestone. The financing also includes a parallel strategic equity program aimed at anchoring liquidity through committed market makers, with leading Wall Street institutions joining as early participants.
Cicada is targeting inefficiencies in Latin America’s predominantly voice-driven local-currency bond markets. In Mexico alone, a $500 billion fixed-income market sees more than 98% of its $5–7 billion in daily trading executed non-electronically. Through its SEC-registered alternative trading system and proprietary execution protocols, Cicada is introducing an all-to-all electronic marketplace designed to improve transparency and create a level playing field for global buy-side and sell-side institutions operating across borders.
The company has launched one of the first central limit order books for Mexican local-currency bonds, alongside proprietary spread-trading functionality and its Double Down execution protocol. These tools are designed to enable more sophisticated execution strategies for institutional participants and support greater liquidity formation.
The strategic equity program offers limited allocations to select liquidity providers in order to align incentives and accelerate platform adoption. Early market makers stand to benefit from the continued digitalization of Latin American fixed-income markets, which account for billions of dollars in daily trading volume. Cicada said it is finalizing its initial cohort of strategic partners.
Proceeds from the Series A will be used to expand commercial efforts, deepen liquidity, introduce new products and geographies, and enhance integrations with third-party global platforms. The company will also continue investing in regulatory, compliance, and risk infrastructure tailored to global institutional standards. As part of its product roadmap, Cicada plans to launch an electronic interest rate swap execution venue initially focused on Mexican TIIE, a market with approximately $24 billion in average daily trading volume that continues to grow annually.
Founded to modernize local-currency bond trading in emerging markets, Cicada operates through Cicada Securities, a U.S. broker-dealer registered with the SEC and a FINRA member. The company’s alternative trading system is designed to meet the standards of global institutional participants and is stated to be the reference all-to-all venue for local emerging-market securities.
KEY QUOTES
“Collaboration across trading venues is essential to boosting liquidity and facilitating stronger North-South capital flows. Cicada’s platform enables institutions to source and distribute liquidity electronically at scale, strengthening the integration of North American capital markets and expanding access for global investors to local-currency bonds.”
Tiago Wigman, Managing Partner at L4
“Having Citi lead this round, together with capital from B3 and a dedicated equity program for market makers, is critical to scaling liquidity on the platform. This combination of strategic capital and active participation from liquidity providers strengthens our foundation as core market infrastructure for local-currency emerging-market debt.”
Ignacio Tovar, Co-Founder and Co-CEO of Cicada
“We’ve built the first fully all-to-all, truly global electronic marketplace for secondary trading in Mexican local-currency bonds, bringing institutional-grade capabilities to a market that has long needed it. We’re now positioned to expand this model across additional Latin American markets as electronification continues to accelerate.”
Javier Hernandez, Co-CEO of Cicada
“Citi’s participation in Cicada’s platform reflects our commitment to support electronic trading and will enhance the efficiency of the multi-billion-dollar Mexican and Latin American fixed income market.”
Aldo Alvarez, LatAm Lead at Citi’s Markets Strategic Investments unit
