Mark Beeston, Illuminate Financial Management
London and New York - CloudMargin, the provider of a web-based collateral and margin management solution, has signed a leading US-based asset manager, helping the client achieve full compliance of its over-the-counter (OTC) agreements included in the new Variation Margin rules that took effect March 1.
As a result, the firm has attracted renewed investor interest and closed a significant Series A funding round.
The new buy-side client, with hundreds of billions of U.S. dollars in assets under management, will use the platform to manage all of its bilateral OTC derivatives and TBA bonds activity globally.
The recent growth enjoyed by the Software-as-a-Service (SaaS) provider attracted a round of Series A funding from Illuminate Financial Management, which became the firm's first institutional investor in 2015.
Mark Beeston, founding partner at Illuminate Financial Management and now Chairman of CloudMargin, said: "CloudMargin's rapid expansion and growth has been very positive for our portfolio, and the company is well positioned for exponential growth with the renewed focus on collateral management across the industry. The team, the product, the client influx and the revenue growth all made it an easy decision to further our own investment in the company."