TickTrade Systems, which provides FX trading and payments solutions for financial institutions, has announced a new investment by, and relationship with, SVB Financial Group, the parent company of Silicon Valley Bank.
In a release issued today, the firm says that it will use the investment “to further its global growth strategy and develop new products and solutions”.
Profit & Loss understands that this will involve expanding TickTrade’s physical presence in the US, Europe and Asia and adding staff in key areas, such as sales, marketing, development, pre-sales and project implementation, to support the firm’s growth. In terms of new products, TickTrade has plans to develop tools that utilise artificial intelligence (AI) to enable firms to better understand and predict the behaviour of their clients. In addition, the firm plans to invest in supporting the needs of its clients to modernise and grow their cross-border payments products.
TickTrade’s FX risk management and trading platform provides tools to optimise access to FX market liquidity and distribute FX rates to SVB clients via a broad range of channels. These channels include SVB’s new online hedging and currency management platform, SVB’s global payment channels and major multi-dealer platforms.
A full suite of FX APIs will enable real-time connectivity into SVB clients’ enterprise resource planning (ERP) systems and enable SVB’s fintech clients to improve their global payment offering by building real-time rates and trade execution into their platforms. TickTrade’s modular architecture and responsive product development allows SVB to easily integrate the TickTrade platform into its technology infrastructure.
“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 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. 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.”
Baha Ohcebol, CEO and co-founder of TickTrade, adds: “We are very pleased to introduce Silicon Valley Bank as a new client and investor. The relationship with SVB solidifies our position as a leading supplier of innovative FX trading and payments solutions to the global financial market. 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.”