AbbeyCross raises £5.2m in seed funding led by Valar Ventures to advance its foreign exchange platform
Valar Ventures led the seed financing alongside participants BNY Mellon, Third Prime and Gaingels to support product development.
AbbeyCross operates a wholesale foreign exchange platform aimed at improving payment market infrastructure for emerging market currencies. The firm collaborates with global banks and liquidity providers to bring transparency and better data to a fragmented sector.
AbbeyCross has secured £5.2m in seed financing to advance its proprietary foreign exchange platform. Valar Ventures led the investment round, with participation from BNY Mellon, Third Prime, and Gaingels.
The fresh capital is earmarked for the ongoing development and deployment of the ABX Sync platform. The technology assists financial institutions, payment firms, and non-governmental organisations in lowering costs and meeting regulatory obligations.
The raise follows strong international demand from financial institutions for improved currency liquidity and pricing transparency. AbbeyCross previously completed a pre-seed funding round of US$2.5m last year.
Investor perspective
"We’re proud to support AbbeyCross in their seed funding round. Their mission to improve execution quality and transparency for Emerging Markets is aligned to our desire to continue improving the FX market for our clients. It reflects our commitment to emerging technology partnerships that accelerate market structure enhancements and enable us to better serve our clients. We look forward to working with the AbbeyCross team and other market participants to unlock this potential."
Jason Vitale
Global Head of Foreign Exchange, Fixed Income, Equities & Capital Markets, BNY Mellon
Use of funds
- 01Continue product development
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About the company
AbbeyCross
AbbeyCross builds wholesale foreign exchange platforms for emerging market currencies.