Capital markets FinTech raises Series B at a $2bn valuation
IN BREIF:
Prysm Capital led the round which brings the total to $435 million having raised the first tranche in May 2022
Until last year the company had been operating with only capital provided by the co-founders
Founded in 2018, Clear Street is building modern infrastructure for capital markets, having built its cloud-native prime brokerage and clearing system from scratch
What does this mean?
The company was founded with a mission “to replace the outdated infrastructure being used across capital markets,” starting with a prime brokerage platform for institutional investors, said Chris Pento, co-founder and CEO. “The public U.S. securities industry, which moves trillions of dollars a day, still relies on mainframe technology from the 1980s. These legacy systems are entrenched in manual processes and siloed data, resulting in costly errors and expensive technical debt. For many firms, replacing these antiquated systems would be like removing the engine from a plane in mid-air. It’s time-consuming and difficult to execute with fragmented technology.”
