Sharegain, which is a London based Fintech Startup which is offering a securities lending platform has now secured $5 Million in the funding round of Series C.
This round of funding has made the total investment of about $12 Million. The investors include the Rhodium, Target Global, Blumberg capital, and Maverick VenturesIsrael.
The company as of now has a plans to use the funds for the rollout of its platform to the private banks, robot advisors, online brokers as well to scale up its operations with the family offices and asset management firms.
The company which is led by the Boaz Yaari, CEO, Sharegain is an FCA regulated SLaas which is Securities lending as a Service platform for the financial institution and family offices to generate the revenue with the loading out their financial asset.
The platform provides a dashboard to view, execute and control. Some of the undisclosed people of lenders are already using the Sharegain platform, and the company is also participating with some of the global financial institutions to drive the best practice and a more transparent approach to the securities lending.
“We can't do this as private investors,” said Sharegain chief executive Boaz Yaari. “We had to think how do we develop a platform that can benefit users like the banks have been benefiting for decades.” “We want to be working with everyone,” Mr. Yaari said, “so an ordinary investor can go into his or her stockbroker and can look at making their shares available for lending.”
In the US, securities lending has been the subject of antitrust litigation against incumbents Goldman Sachs and JP Morgan Chase. Investors allege the banks sought to stifle competition in the market since 2009 in order to keep the stock lending market “in the stone age” by boycotting start-ups.
In a 93-page decision, a US judge ruled there was “direct evidence” of a conspiracy. The banks have denied the claims.
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