The second tranche will support geographic expansion, enhance customer offerings, and improve access to market participants.
New York, April 11, 2023–( BUSINESS WIRE )– Clear Street (“Clear Street”, “the Company”), a New York-based independent prime broker, today announced a $270 million investment from Prism Capital, a growth equity firm focused on partnerships with Extraordinary. Management teams building disruptive, generational, and sustainable companies. The investment is the second tranche of $435 million Series B funding and values the company at $2.0 billion.
The funding will support Clear Street’s plans to expand its reach into new markets and asset classes, accelerate future product offerings, increase availability for all market participants, and offer solutions for clients looking to migrate to a single-source platform.
“Our team has made incredible progress since our inception in 2018, and this additional funding is further evidence of the value we bring to our clients,” said Chris Panto, co-founder and chief executive officer of Clear Street Group. “In the past year, the number of institutional clients on our platform has grown by 500 percent and our daily transaction volume has increased by more than 300 percent. We are excited to maintain this momentum with the support of our continued partnership with Prysm.”
This is the second investment in the company’s Series B led by Prism Capital, backed by various institutional investors including public pension funds and endowments. This follows the company’s first tranche of $165 million in May 2022, which included additional investors NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors.
“The Prysm team seeks to invest in disruptive and innovative companies that execute at a major scale, and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in the capital markets today and are truly set to do so. They stand out from competitors,” said Matt Roberts, co-founder and partner at Prism Capital. “We have great confidence in Clear Street’s vision, and look forward to continuing our partnership in the next phase of the company’s rapid growth.”
In 2022, Clear Street expanded its sales and engineering teams and welcomed Wall Street industry veterans to advance its rapid growth strategy. The company launched capital introduction and repo businesses, enhanced its securities lending capabilities, and updated and refined its customer-facing positioning, risk, operations, and reporting portals.
About Clear Street:
Clear Street is building a modern infrastructure for capital markets. Founded in 2018 by industry veterans, Clear Street is an independent, non-bank prime broker working to solve the industry’s most neglected problem: legacy technology. The firm has built a proprietary, cloud-native, clearing and custody system to replace the legacy infrastructure used in the capital markets – improving speed, access and service for its clients. Clear Street’s first product is its equity finance platform, which processes more than $10 billion in trades every day. The firm’s goal is to create a single-source platform that serves all types of investors, across all asset classes, globally. Visit https://clearstreet.io for more information.
Clear Street does not provide investment, legal, regulatory, tax, or compliance advice. Consult with professionals in these fields to address your specific circumstances. These materials are: (i) only an overview of Clear Street’s products and services; (ii) provided for informational purposes only; and (iii) any notice or any information contained therein is subject to change without obligation to replace it.
Products and services offered by Clear Street LLC, member FINRA and SIPC. More information about Clear Street is available on FINRA BrokerCheck (https://brokercheck.finra.org/firm/summary/288933), including its client relationship summary.
Copyright © 2023 Clear Street LLC, all rights reserved
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230411005163/en/