LightPoint Financial Technology, a NYC-based trading, risk and analytics technology provider, completed a Series A funding round of undusclosed amount.
The round was led by the Citco Group of Companies, a leader of alternative asset services with over $1 trillion assets under administration, and Ares Management L.P. (NYSE :ARES), a global alternative asset manager with over $121 billion in assets under management.
TAP Advisors, LLC advised LightPoint on the transaction and will take a Board Observer seat.
Michael Arougheti, Chief Executive Officer and President of Ares Management, has been appointed as a board member and will be joined by Citco’s Head of Fund Services Jay Peller, who will provide strategic consult and insight into future product development.
Led by Patrick Hughes, CEO, and Brant Arseneau, President, LightPoint provides an integrated, cloud-based Software-as-a-Service (SaaS) solution which supports entire workflows, including portfolio management, trade execution, settlement, compliance, reconciliation, finance, risk, administration and client reporting.
The platform additionally provides a bi-directional API that allows platform integration with custom and third-party software.
The company will use the funds to continue to innovate its platform’s capabilities, improving its modules and expanding into new offerings while applying new proven technologies. Currently, LightPoint aims to leverage its distributed-ledger-technology (DLT) capabilities and transform the core book-of-records into a shared ledger which would be distributed to a trading community. The use of a shared ledger will eliminate many laborious processes and costs, thereby reducing operating risks and costs for their clients and the entire trading community.
FinSMEs
27/09/2018