Kooltra coolly collects $5m funding for FX automation
Canada-based Kooltra, a cloud platform used to automate foreign exchange (FX) operations, has completed a CA$6.5 million ($5 million) investment round.
The funding came from Hyde Park Venture Partners, Round 13 Capital, Salesforce Ventures and existing investor Real Ventures. This closes Kooltra’s early stage financing at CA$8.8 million ($6.8 million).
Kooltra’s early stage financing is now at CA$8.8 million ($6.8 million)
“The opportunity to transform the foreign exchange market is massive,” says Greg Barnes, principal at Hyde Park Venture Partners. “The more we understand about banks’ and non-banks’ return on investment, the more we’ll be able to spread cloud-driven automation, compliance and efficiency gains to players up and down the ecosystem.”
According to Kooltra, $5.1 trillion is traded on worldwide FX markets every day. It says the legacy technology stack, manual processes and spreadsheets that have traditionally enabled FX operations are expensive, complicated to use and prone to error.
Kooltra presently processes billions of dollars in daily transactions for customers spread across Canada, Australia and the UK.
It will use the new funding to expand its engineering, sales and “customer success” teams, build out its platform, expand operations into the UK and pursue the more than 3,000 prospective regional and community bank as well as credit union customers across the US.
Kooltra’s solution uses Salesforce as an enterprise data platform. Customers can access Kooltra cloud apps and APIs to manage their front, middle and back office and reporting while using Salesforce’s IT infrastructure, security and data compliance.
