Back in 2016, UK-based financial technology company Algomi wasn’t in the best shape, financially speaking. The company reported a £15.5 million loss at the end of 2016, with administrative costs of £22 million.
The company has bounced back incredibly over the last year, with a large investment of $10 million from Euronext and three more companies choosing Algomi investment in the last six months.
Catalogue expansion: Algomi ALFA
In May, Algomi was chosen to be the sole marketer of AllianceBernstien’s in-house liquidity tool, ALFA. With a name change to Algomi ALFA, Algomi’s software catalogue grew.
ALFA is designed for the buy-side trader and provides the user with cross-market information on liquidity and trade intent to give the user a real-time view of the entire bond market aggregated on one screen.
Stu Taylor, Algomi CEO said, “The buy-side community has to navigate an increasing variety of liquidity channels yet preserve their trading and data integrity. They must remain instantly and continuously aware of relevant trading opportunities in the market to achieve Best Execution”.
Algomi’s focus as a data technology providing company was a key factor in AB’s choice.
Technology boost: Openfin
A month earlier, in April, Algomi announced their partnership with Openfin. With this investment, Algomi acquired the usage of Openfin’s HTML5 format.
HTML5 allows Algomi to update its software a lot more quickly than before. One of the most important aspects of a financial technology company is the speed with which it can evolve and change to fit the consumers’ needs. It’s what gives a financial technology company its edge.
Openfin will be used to distribute Algomi’s Synchronicity software for the sell-side traders and their Honeycomb network for the buy-side traders.
With help from Openfin, HTML5 will be used to keep Algomi on top of the ever-changing world of fixed income trading.
Further expansion: S&P Global’s insights
The latest Algomi investment came from S&P Global. S&P Global uses 135 billion data points to collect huge amounts of data that they turn into actionable insights for governments, companies and individuals.
S&P and Algomi plan to share data and develop new software together that could change the face of trading and data analytics.