Digital Debt Capital Markets Ltd, a London, UK-based fintech company, closed its £2.5m seed funding.
Backers included a group of individuals and family offices. Significant investors include Michael Spencer, the founder of ICAP and financial technology specialist.
The company intends to use the funds to develop its proprietary technology and hire additional staff.
Co-founded by Charlie Berman and Naveed Nasar, DDCM is developing software to enable end-to-end digital support for the entire life cycle of a bond through the deployment of its technology. This technology will enhance, upgrade and improve communication and processes from a bond’s issuance to repayment at its term. The software will be used by issuers, arrangers and multiple service providers to the international bond markets, from the pre-mandate stage, during execution, pricing and primary settlement and throughout the secondary life of the security until its final redemption.
The company is collaborating with major issuers, investment banks, investors and critical service providers to ensure correct functionality and encourage wide adoption.