Long Ridge Equity Partners led the round with the participation of TradAir’s existing venture capital investors, Carmel Ventures and Genesis Partners; Cliff Lewis Joins as Chairman
London, New York, Tel Aviv, Jan. 4 2015 – TradAir, a leading provider of foreign exchange trading technology, announced today that it recently closed a $15 million growth equity round led by new investor Long Ridge Equity Partners. TradAir’s existing venture capital investors, Carmel Ventures and Genesis Partners, also participated in the round. The new financing positions TradAir to continue its rapid growth and further bolster its technology capabilities. Concurrent with the investment, former Currenex CEO Cliff Lewis will join TradAir as Chairman.
TradAir’s technology allows banks and brokers to lead in the global, electronic FX market. TradAir offers a novel end-to-end trading solution that includes a robust rate engine, liquidity aggregator, and front end interface. TradAir’s proprietary TLA® (Total Liquidity Analysis) module offers FX e-commerce participants unprecedented vision into deal flows and market liquidity, allowing them to make strategic decisions on pricing and hedging. TradAir is a market leader in HTML5 development, and its’ modular technology architecture allows for seamless integration into existing trading infrastructure.
“Given their deep expertise in financial technology and the trading market, we are very excited to partner with Long Ridge,” said TradAir CEO Illit Geller. “We have a strong track record of success with our clients and access to additional capital will allow us to continue to grow and deliver market-leading technology to the market.”
“We are impressed with the success TradAir’s team has achieved over a short period of time,” said Jim Brown, Long Ridge’s Managing Partner. “The company has developed a strong reputation as a technology leader and client feedback is very positive. We are excited by the opportunity to partner with the TradAir team to build a leading technology business.”
Concurrent with Long Ridge’s investment, Cliff Lewis will join TradAir as Chairman. Cliff Lewis formerly served as CEO of Currenex, a leading FX trading platform acquired by State Street in 2007. Following the sale of Currenex, Cliff joined State Street as Executive Vice President with responsibility for the electronic trading business (e-Exchange). Cliff is also a management board member for CBOT-EUREX.
“We are delighted to have Cliff join our company as Chairman,” said Illit Geller. “Through his impressive 30-year career, he has become a leader in capital markets. His deep domain knowledge, visionary views and extensive relationships will be an invaluable resource to TradAir.”
Added Cliff Lewis, “TradAir’s IT development capability will be the foundation for success. We’ll be focused on helping clients make money by deploying our products as the FX and rates markets continue their rapid evolution.”