Duco plans to expand its cloud data engineering solutions and extend its global footprint following a $28 million investment round. The investment reflects interest in the fintech’s Duco Cube software-as-a-service solution and growing uptake of cloud technology across the industry.
The company provides technology that enables banks, brokers, asset managers and exchanges to normalise, validate and reconcile any type of data in its cloud, providing firms with on-demand data integrity and insight. The company says it has seen rapid and global growth as the industry re-platforms, adopting advances in leading technology to eliminate operational risk and cost, and make actionable data more immediately available.
Christian Nentwich, CEO at Duco, says: “Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions. We have gained considerable traction as the industry looks for intelligent answers to evolving market realities. This investment enables us to push further in applying our background in Computer Science to solving fundamental industry problems, while strengthening our resources to deepen relationships with our existing client base.”
The company plans to use the investment to not only expand its product set, but also to add headcount in Europe and the US, and establish and 0ffice in Asia. The $28 million funding comes from Insight Venture Partners, NEX Opportunities and Eight Roads Ventures. It also includes an investment by entrepreneur and former CEO of SunGard, Cristóbal Conde.
Michael Spencer, CEO at NEX, comments: “The evolution of the post-trade environment in financial services requires fundamental changes in market structure, processes and technology. In areas such as data, a deeper and more technical level of innovation has been required and this is exactly where Duco is the industry’s pioneer.”