Kooltra which is a Toronto, Canada-based cloud platform for financial institutions and non-bank firms to modernize and automate foreign exchange (FX) operations, which has been closed the financial raised an amount of CAD $6.5m in the series A funding. Some of the investors include the Hyde Park Venture Partners, Round 13 Capital, Salesforce Ventures and existing investor Real Ventures.
The company, which has raised $8.8m CAD in total early-stage financing, intends to use the funds to grow its engineering, sales and customer success teams, further build out its platform, expand operations into the U.K. and pursue the more than 3,000 prospective regional and community bank, as well as credit union customers across the U.S.
The company which is founded and led by Adam Katz, CEO, and founder, Kooltra is building a multi-layered capital markets cloud platform that enables established players and startups to automate their operations, connect with customers and providers, and manage a modern FX business.
“The opportunity to transform the foreign exchange market is massive,” said Greg Barnes, principal at Hyde Park Venture Partners. “The more we understand about banks’ and nonbanks’ 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.”
“We’ve always held a core belief in democratizing foreign exchange and capital markets as a whole,” said Adam Katz, CEO, and founder of Kooltra. “The barriers to entering this business simply shouldn’t be as high.
“Kooltra has found a brilliant way to extend the power of the Salesforce platform,” said Matt Garratt, managing partner at Salesforce Ventures. “They are a great example of why Salesforce Ventures sees so much promise in Canadian tech, and we’re thrilled to help them grow and continue to innovate.”
Some of the money services businesses, banks and credit unions can leverage Kooltra to streamline their internal operations for specialized FX solutions, improve their clients’ international trade experiences and maintain compliance with stringent regulations. Furthermore, by bringing the FX business in-house, regional and community banks no longer have to pay significant fees to upstream banks to complete transactions for them or hire pricy developers to custom build and maintain their own software. The platform already processes billions of dollars in daily transactions for customers spread across Canada, Australia, and the United Kingdom.
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