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Xignite, a provider of market data cloud solutions for fintech firms and financial institutions, has raised $20.5 million in a funding round led by Tokyo based Quick, a member of the Nikkei Group and Japan’s largest information provider. As a result of the funding, Xignite will partner Quick to deliver its data solutions in Asian markets and will deliver Quick’s proprietary financial data through its application programing interfaces (APIs).

Marlin & Associates acted as strategic and financial advisor to Xignite in the funding round, which also included existing investors StarVest Partners, Altos Ventures and Startup Capital Ventures, and brought the company’s total funding to $37 million. The latest round of funding will be used to extend Xignite’s product capability and scale its sales and marketing.

Xignite offers cloud infrastructure that is easy to use, multi-tenanted and built on open standards, along with cloud based market data APIs that deliver real-time market data and reference data to firms’ digital assets such as websites and mobile apps. To date, the company has accrued more than 1,000 clients ranging from fintech firms to financial institutions, exchanges and market data vendors.

Stephane Dubois, founder of Xignite in February 2000 and CEO, says: “The fintech revolution has only just begun and will sweep across all the financial services industry in coming years. Legacy institutions must innovate and simultaneously cut costs if they want to survive and thrive in the new paradigm. This includes the complex, burdensome and costly consumption of financial data. We are excited to have Quick’s backing and shared vision of an advanced, global market data cloud infrastructure.”

Noboru Yoshioka, Quick president and CEO, adds: “Asia is the world’s largest fintech frontier and the region is experiencing hyper-growth. We are very pleased Quick has partnered with Xignite, one of the most innovative fintech companies in the financial services industry. By combining our experience and leading position in Asia with Xignite’s technology and innovation, we have a unique opportunity to capture growth in this market.”

As a result of the latest funding round, Quick managing director Atsuyuki Nakajima, who has been with the company for more than 35 years, will join Xignite’s board of directors.

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