Clear Street – a New York-based independent prime broker – recently announced a $270 million investment from Prysm Capital, which is a growth equity firm focused on partnering with exceptional management teams to build disruptive, generational, and durable companies. This investment is the second tranche of a $435 million Series B funding and values the company at $2 billion.
The funding round will support Clear Street’s plans to expand its reach across new markets and asset classes, accelerate future product offerings, increase availability to all market participants, and offer solutions for clients looking to migrate to a single-source platform.
This is the second investment in the company’s Series B led by Prysm Capital with support from their diverse institutional investor base, including public pension funds and endowments. And it follows the company’s first tranche of $165 million in May 2022, which included additional investors NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors.
Last year, Clear Street expanded its sales and engineering teams and welcomed Wall Street industry veterans to advance its rapid growth strategy. And the company launched capital introduction and repo businesses, enhanced its securities lending capabilities, and updated and refined its client-facing position, risk, operations, and reporting portals.
KEY QUOTES:
“Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients. Over the past year, the number of institutional clients on our platform increased by 500 percent and our daily transactional volume increased over 300 percent. We’re excited to keep this momentum with support from our continued partnership with Prysm.”
— Chris Pento, Co-Founder and Chief Executive Officer at Clear Street Group
“The Prysm team seeks to invest in disruptive and innovative companies that execute at a premier level, and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in capital markets today and truly set them apart from competitors. We have tremendous confidence in Clear Street’s outlook, and look forward to continuing our partnership in the Company’s next phase of accelerated growth.”
— Matt Roberts, Co-Founder & Partner at Prysm Capital
