Barclays, CE Innovation Capital and Societe Generale join the second close of Series B funding in Wematch with an additional $8.5M.

  • Wematch is a fintech company focussing on trading workflows for the wholesale derivatives trading community.
  • DB1 Ventures, the corporate venture capital arm of Deutsche Börse, led the Series B funding round in October which has just been completed with a second tranche
  • The total for the Series B now stands at $28M
  • New investors include Barclays and CE Innovation Capital
  • Existing investor Societe Generale also confirm its support through participation in this second close

Wematch announces a second close to its Series B and welcomes Barclays and CE Innovation Capital to the round. The deal closed on 3 December 2021. Investors in the first close of the funding round included DB1 Ventures, J.P. Morgan, Augmentum Fintech PLC and Illuminate Financial.

Wematch develops web-based solutions to replace voice broking by automating matching, negotiation and lifecycle management for instruments such as securities borrowing and lending, total return swaps, interest rate derivatives, as well as equity derivatives. It provides market participants with a one-stop solution across a range of assets, cutting costs for clients, increasing efficiency and reducing conduct risk for traders.

The investors support the vision of Wematch to help the capital market industry in further adopting digital solutions across multiple markets globally, and to apply this technology to internal and client-facing solutions.

Spyros Varoutsis, Head of Delta1 Trading EMEA at Barclays said: “Barclays is delighted to partner with WeMatch. By combining our strengths, we can drive innovation and automation in trading technology, bringing efficiencies for market participants and best-in-class trading solutions for our clients.”

Albert Loo, Deputy Head of Sales for Global Markets at Societe Generale said: “Since the early days of our relationship, Wematch team continuously demonstrated its ability to deliver cutting-edge platforms and technology. Societe Generale naturally renews its trust through participating to the Series B and is delighted to welcome new investors to accelerate Wematch technology adoption across markets and participants.”

Zheng Cui, partner of CE Innovation Capital said: “We believe WeMatch’s mission-critical technology solution, covering from trade discovery to workflow and compliance, is the key to drive the digitalization of the derivatives market. As a global Fintech investor, we are excited to be part of WeMatch’s story, and look forward to work with the team on its global expansion strategy.”

Joseph Seroussi, CEO of Wematch said: “We are very excited in welcoming Barclays and CE Innovation Capital as new investors and very thankful for the continued support from Societe Generale.

This Series B combines the support from our Banking Partners, a leading Market Structure, and expert VC funds and will allow us to deliver our promise to accelerate the digitalization of our industry across all regions.

About Augmentum Fintech

Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.

About Barclays

Barclays is a British universal bank.  We are diversified by business, by different types of customers and clients, and by geography.  Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.

About CE Innovation Capital

Founded in 2016, CE Innovation Capital (“CEIC”) is a venture fund that invests in technology-enabled enterprises globally with a focus on Fintech, frontier technologies, enterprise solutions, marketplace platforms, and digital healthcare. CEIC was ranked among the “Top 9 Fintech Unicorn Investors” globally by CB Insights and “Most Active Fintech Investors 2019” by Financial Technology Partners. It was also nominated for “Top Fintech Equity Investor” Award at the sixth LendIt USA Annual Conference and was named as the “Top Fintech Investor of the Year” by The Asset in 2021. Website: http://www.ceinnovationcap.com/

About DB1 Ventures

DB1 Ventures is the corporate venture capital arm of Deutsche Börse Group. Its vision is to be a strategic partner of choice for early-stage to growth-stage companies which are core or adjacent to Deutsche Börse Group’s strategy, generate attractive investment returns and add strategic value to its growth plans.

As an international exchange organisation and innovative market infrastructure provider, Deutsche Börse Group ensures markets characterised by integrity, transparency and stability. With its wide range of products, services and technologies, the Group organises safe and efficient markets for sustainable economies. Its business areas extend along the entire value chain in exchange trading, including the admission, trading and clearing, and custody of securities and other financial instruments, the dissemination of market data, as well as the management of collateral and liquidity. As a technology company, the Group develops state-of-the-art IT solutions and offers IT systems all over the world.

With more than 9,000 employees, the Group has its headquarters in the financial centre of Frankfurt/Rhine-Main, as well as a strong global presence in locations such as Luxembourg, Prague, London, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo and Sydney.

About Illuminate Financial

Illuminate Financial is a thesis-driven venture capital firm dedicated to enterprise fintech and B2B software companies building technology solutions for financial services. With offices in London, New York and Singapore, the team’s deep domain expertise and best-in-class industry networks make them the trusted partner of choice for ambitious start-ups and financial institutions.

About Societe Generale

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions. Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 133,000 members of staff in 61 countries and supports on a daily basis 30 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions.

The Group is built on three complementary core businesses:

  • French Retail Banking which encompasses the Societe Generale, Credit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;
  • International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets;
  • Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.

Societe Generale is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

For more information, you can follow us on Twitter @societegenerale or visit our website www.societegenerale.com.

Media contacts:

Peter Josse
Deutsche Börse AG / DB1 Ventures
+49-69-211-16966
peter.josse@deutsche-boerse.com

Nigel Szembel
Augmentum Fintech PLC
+44-7802-362088
Nigel@augmentum.vc

Ellie Austin
Barclays
+44 (0) 207 773 6461
ellie.austin@barclays.com

Keyao He
CE Innovation Capital
+86-18810523966
keyao.he@ceincap.com

Rosie Zehtab
Illuminate Financial
+44-203-198-1600
rz@illuminatefinancial.com

Adrien Billet
Societe Generale
+33 (0) 1 42 14 66 83
Adrien.billet@socgen.com

David Raccat
Wematch
+44-7500-896-826
david@wematch.live
media@wematch.live