SVB Financial Group invests in TickTrade Systems

Parent company of Silicon Valley Bank partners Toronto-based fintech to bolster FX offering

Investment and trust
Strong links: SVB has a client base among small start-ups and corporates in tech and life sciences

The parent company of Silicon Valley Bank has invested an undisclosed sum of money into TickTrade Systems, a Toronto-based financial technology firm, to help the bank strengthen its foreign exchange services.

The move is in response to clients’ requests to connect to multi-dealer platforms that would, in turn, open up access to a broader pool of liquidity and help enhance currency risk management as they grow.

SVB has a client base among small start-ups and corporates in the technology and life sciences sectors, which need strong capabilities in FX as they expand internationally.

“Our clients are going global much sooner, and require best-in-class foreign exchange products and solutions to help them grow and succeed,” says Rodrigo Sanchez, managing director of FX and global banking for SVB.

With TickTrade’s FX risk management and trading platform, SVB gains additional tools to optimise access to market liquidity and distribute FX rates to clients through a range of channels – including a new online hedging and currency management platform, the bank’s global payment channels and major multi-dealer platforms.

SVB’s FX portal will enable clients to efficiently manage their foreign currency exposure through an enhanced, easy-to-use self-service interface
Rodrigo Sanchez, SVB

A suite of FX APIs will allow real-time connectivity to SVB clients’ enterprise resource-planning systems and enable the bank’s fintech clients to enhance their global payment offering by building real-time rates and trade execution into their platforms.

“With the upcoming implementation of TickTrade’s platform, SVB’s FX portal will enable clients to efficiently manage their foreign currency exposure through an enhanced, easy-to-use self-service interface,” Sanchez says. “Our investment in and partnership with TickTrade will help SVB scale our foreign exchange offering, and continue our commitment to offering our clients the leading digital platform.”

Growth strategy

The investment and partnership with SVB will also help TickTrade push into markets in Asia, Europe and the US as it continues to implement its growth strategy and develop new products.

Plans are in the works to add more staff in key areas such as sales, marketing, development and project implementation, which would accelerate and support the fintech firm’s growth. The funds will also help TickTrade use artificial intelligence (AI) to better understand and predict customer behaviour.

“The relationship with SVB solidifies our position as a leading supplier of innovative FX trading and payments solutions to the global financial market,” says Baha Ohcebol, chief executive and co-founder of TickTrade. “We look forward to working with Silicon Valley Bank to release new products, including our AI-powered analytics solutions, that will serve the needs of the financial markets.”

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