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Currenex Receives $16 Million Cash Injection

Online currency exchange, Currenex, has received $16 million in venture capital funding in the first closing of its second round financing led by Amerindo Investment Advisors, a leading technology investment firm. Also investing in this round are Barclays Capital, TH Lee.Putnam Internet Partners and WR Hambrecht & Co.

Barclays Capital joined the Currenex network in July. Its stake makes Barclays the first of Currenex’s strategic partners to become an equity investor. Currenex plans to shortly announce other equity partners.

Paul Thrush, global head of FX at Barclays Capital says, “Partnering with Currenex will provide us with a new channel of distribution to our clients, more efficient trading and settlement, and better access to new clients that are participants in the Currenex network. We have chosen to invest and become a equity partner in Currenex because the company is committed to improving transparency and efficiency for all players in the forex market.”

In April, Currenex completed its first round in venture capital financing led by TH Lee.Putnam Internet Partners, WR Hambrecht & Co and funds affiliated with Donaldson, Lufkin & Jenrette.

Currenex’s Web service, FXtrades, is designed to bring together CFOs, corporate treasurers and investment fund managers with the banks of their choice in a Web-based FX marketplace.

Separately,Currenex and FXpress Corporation, provider of integrated IT solutions, have integrated their trading and processing platforms to provide straight-through processing. Currenex will integrate its online trading system, FXtrades, with FXpress’ Foreign Exchange Risk Managementsystem.

“Partnering with FXpress is the first of several integrated solutions we are committed to delivering customers, enabling treasurers and investment fund managers frictionless FX trading,” says Lori Mirek, president and CEO at Currenex. “FXpress, when integrated with our online multi-bank exchange, will deliver clients improved business processes and automation and address critical audit-ability and reporting concerns.”

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