Deutsche Börse Group has entered into a strategic cooperation with Trumid, a FinTech company that provides an electronic trading network for corporate bonds.

The Group will invest $10 million for a minority stake as an add-on to Trumid’s previously disclosed $28 million financing from earlier this year. Trumid will use the new funding to continue enhancing and expanding its technology offering.

New York-based Trumid is a FinTech company that offers an electronic credit-trading platform, which enables buy-side and sell-side market participants to transact directly and anonymously with one another. The platform allows market participants to collectively determine pricing in a transparent way and to execute the transaction at the market-vetted price.

Hauke Stars, executive Board member and head of cash markets at Deutsche Börse, commented: “Trumid has already proven its ability to create a new transparent, electronic and efficient credit and bond market place in the US With our investment we will gain new insight into this rapidly evolving market; and therefore we will find further ways to collaborate.”

Mike Sobel, president of Trumid, added: “We are excited to combine Trumid’s innovative technology, deep corporate bond expertise and broad client network with Deutsche Börse’s strong brand, infrastructure, client relationships and European significance.

“Europe is a big opportunity. Through this partnership we will continue to deliver valuable solutions for our clients, now on a broader scale.”

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