OpenDoor Securities, a Jersey City, N.J.-based bond trading platform, raised $10m in Series A funding.
Unamed private investors participated in the round.
The funds will be used to enhance the OpenDoor platform, improve its connectivity to current customers, and expand its network of client institutions and central banks.
Led by CEO Susan Estes, OpenDoor provides a session-based, all-to-all, anonymous trading platform for Treasuries, specifically designed to enable the buy-side to both source and create liquidity, while enhancing the sell-side’s role as a value-adding intermediary.
Launched April 25th, the platform currently boasts nearly three dozen firms representing more than $6 trillion of AUM.
Six sponsor-dealers are presently onboarded to trade for their principal accounts, and several have completed full connectivity allowing for customer clearing. Four more are expected to be onboarded in the upcoming months.
Clients include central banks, pension funds, sovereign wealth funds, primary dealers, asset managers, hedge funds and trading firms.