There are no dark clouds hanging over CloudMargin as it has added seven new bank clients globally over the quarter ended 30 June.
London-headquartered CloudMargin provides a collateral and margin management solution native to the cloud. Its Software as a Service (SaaS) model is targeted at sell-side and buy-side financial institutions – including banks, brokerage and asset management firms, pension funds and insurance companies.
The seven banks weren’t mentioned, and in fact, Nomura Asset Management is the only name made public on the firm’s case study page.
Away from all that, the fintech entity is in a vocal mood (good news tends to do that) and shares some stats.
The new bank clients come on the heels of the company’s best revenue year in its history, for the fiscal year ending 31 March. CloudMargin’s user base grew 45% from April 2021 through March 2022 and 25% more by the end of June. The majority of these users have been at large regional banks and buy-side firms.
CloudMargin CEO Stuart Connolly comments: “In today’s volatile markets, banks are looking for centralisation of their collateral pools and a singular approach to optimisation, across asset classes. As we have increased our capabilities for the sell side and regional banks over the past few years – in addition to our long-standing service to the buy side – we’re very pleased to be a go-to resource for banks large and small as they seek to drive financial efficiencies by breaking down the traditional bifurcated approach to collateralisation.”
- Others can secure things as well – Certino Secures Shadow Payroll Platform Deal with Vialto Partners – read the news here
The fintech company’s platform provides banks with a consolidated view of their obligations, along with an enterprise-wide view of their inventory and associated eligibility to meet collateral obligations.
CloudMargin has also added Michelle Burridge to its sales team in Europe. Burridge, who has experience in securities finance, joined from FIS, where for seven years she served as a Senior Business Analyst for its Apex securities finance arm.
In addition, CloudMargin recently established a connection with the triparty services from BNP Paribas Securities Services, adding to its list of 60+ custodians and triparty agents that connect to the platform. Approximately 40% of all CloudMargin clients in scope for Uncleared Margin Rules are using the firm’s triparty and custodian SWIFT services.
CloudMargin’s platform works via direct means and through partnerships with infrastructure providers, including Acadia, Finastra and IHS Markit (now part of S&P Global).
CloudMargin was founded in 2014 and also has a presence in New York and Singapore. Investors include Deutsche Bank, Citi, Deutsche Börse, IHS Markit and Jefferies, as well as venture capital firm Illuminate Financial.