Clear Street, a technology-driven prime brokerage firm, has secured an additional $270 million in Series B funding. The funding round was led by Sequoia Capital, with participation from existing investors, including Founders Fund, 8VC, and Fidelity Investments.
Clear Street was founded in 2018 with the goal of providing technology-driven prime brokerage services to institutional clients. The company’s platform offers a range of services, including clearing, settlement, financing, and custody of securities. Clear Street’s technology-driven approach allows it to offer these services at a lower cost than traditional prime brokers.
The additional funding will allow Clear Street to expand its platform and services. The company plans to use the funds to hire additional staff, invest in technology, and expand its product offerings. Clear Street also plans to expand its geographic reach, with a focus on Europe and Asia.
The Series B funding round brings Clear Street’s total funding to $535 million. The company raised $75 million in a Series A funding round in 2019. Clear Street has seen significant growth since its launch, with its client base growing by over 500% in the past year.
Clear Street’s success is due in part to its focus on technology. The company’s platform is built on modern technology, which allows it to offer faster and more efficient services than traditional prime brokers. Clear Street’s platform also offers real-time reporting and analytics, which allows clients to make informed decisions about their investments.
Clear Street’s technology-driven approach has also allowed it to offer lower fees than traditional prime brokers. This has made the company an attractive option for institutional clients looking to reduce their costs.
In conclusion, Clear Street’s additional $270 million in Series B funding is a testament to the success of its technology-driven approach to prime brokerage services. The company’s platform offers faster, more efficient, and lower-cost services than traditional prime brokers. With this additional funding, Clear Street is well-positioned to continue its growth and expand its platform and services.
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