Clear Street, a US-based fintech company focused on capital markets, has raised $270m in funding from Prysm Capital.
The investment, which values the company at $2bn, brings the total funds raised in Series B to $435m.
In May 2022, the company raised $165m in the first tranche from investors including NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors.
Growth equity company Prysm Capital was the lead investor in both tranches.
Established in 2018, Clear Street has developed a cloud-native clearing and custody system to replace the outdated capital markets infrastructure.
The company wants to build a single platform that can service all types of investors worldwide, in all asset classes.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Clear Street will use the proceeds to reach out to new markets, expand its asset classes and speed up the product development process.
The funding will also allow the company to make itself more accessible to all market participants, and provide solutions for clients intending to switch to a single-source platform.
Clear Street Group co-founder and CEO Chris Pento said: “Over the past year, the number of institutional clients on our platform increased by 500% and our daily transactional volume increased over 300%.”
Prysm Capital co-founder and partner Matt Roberts said: “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.”