Transcend – a leading provider of liquidity, funding, and collateral optimization solutions – recently welcomed Citi as their latest investor. This investment was made through Citi’s Strategic Investments arm, which invests in innovative fintech companies globally that are strategically aligned to Citi’s institutional businesses.
Citi’s funding round will continue supporting Transcend’s global solution roll-out, including its groundbreaking optimization technology. Citi is the third global bank to invest in Transcend – which was formed in 2013 by Bimal Kadikar along with other institutional investors.
A long-term business agreement will enable Citi as a client to significantly enhance the efficiency of how it deploys cash and collateral across its global network. And the Transcend solution harmonizes and integrates activity across Bi-lateral, Cleared, and Triparty collateral requirements and allows the allocation of the best collateral.
Over the last two years, Transcend has seen significant growth across the global banking community. The company has also added additional board members, expanded its European branch, and added a number of industry & technology experts to its global team.
The use of collateral has moved beyond operations and it is now being seen as a strategic enterprise-wide business opportunity. And the streamlining of collateral and funding is already helping financial institutions save tens to hundreds of millions of dollars annually. Transcend continues to be at the forefront of these industry innovations with its cross-triparty collateralization and other solutions for institutional market participants.
KEY QUOTES:
“The industry-wide solutions that Transcend is developing have the promise to dramatically shift the efficiency and profitability of the entire industry and we’re glad to play our part in facilitating these advances.”
- Alain Verdickt, Head of collateral optimization at Citi
“Transcend is excited to welcome Citi as an investor and a client. Additionally, we are delighted that Citi’s funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”
- Bimal Kadikar, Founder and CEO of Transcend
