FXall received word Monday that Technology Crossover Ventures has agreed to invest $77.5 million in the online foreign exchange platform.
This investment will accelerate growth, FXall says, while supporting its primary goal of providing clients with foreign exchange execution and post-trade services in addition to liquidity across currency pairs.
As part of the deal TCV will receive two positions on FXall’s board of directors, which will be filled by Harry Feinberg and Robert Trudeau.
“TCV has a track record of taking successful businesses to their next phase of growth and FXall welcomes the expertise they bring to the board,” says Phil Weisberg, CEO of FXall. “The confidence TCV has shown in our business model and performance is a firm endorsement of our market-leading position and future prospects for long-term growth. This investment will fuel continued development of new products and services, enabling us to deliver an even more comprehensive offering to our customers.”