FinTech automation startup, Nivaura has raised $20 million in seed and seed extension round capital from Top partners. The $20 million investment is led by London Stock Exchange Group and the bulk of the investment seems to have been raised recently. The first and original seed round was raised in October 2017 and the first extension round in January 2018 and these investments will help Nivaura expand its teams by hiring technical and professional administrative that will help the firm augment its products to the complex automation needs of its clients.
Nivaura did not give a detailed breakdown of the three seed rounds it has conducted but, the last one seems to have the bulk of the $20 million. According to the reports, the last seed was “significantly larger than the preceding two.” Nivaura also said that it has plans to expand into Asia and the U.S. as well as invest in further R&D.
While the reports from Reuters reveal that London Stock Exchange Group (LSEG) holds a minority stake in Nivaura after paying an undisclosed amount, LSEG is not the only investor. Other investors in the current seed round include; Spencer Lake, former head of global markets at HSBC; Santander InnoVentures, the Spanish bank’s VC arm, law firms Linklaters and Orrick and others.
Nivaura is a London based Fintech startup which provides blockchain solutions that automate issuance of clearing and settlement of financial instruments which includes bond issuance and tokenized securities. Asides automating insurance, the company is adding to its board as Nikhil Rathi, the CEO of the London Stock Exchange and Lake has joined the company as an advisor.
Dr. Avtar Sehra, Nivaura CEO explained the company’s plans saying, “Our focus for 2019 includes conducting a series of high-profile, large-scale projects with high-caliber partners to demonstrate our platform as a valuable solution across the full spectrum of capital markets primary issuance activities.” He adds that major financial institutions are developing appetites for pratical innovation that needs to be satiated and this appetite goes “beyond buzzwords and conceptual PoCs in ‘digital investment banking.”
Nikhil Rathi, head of international development for LSEG, said in a press release, “The investment strengthens our existing relationship with Nivaura and underlines the Group’s partnership approach in innovating to support our clients in accessing global investment pools.” This investment may be a way of LSEG deepening its ties with Nivaura as the duo had worked on the issuance of tokenized securities as part of the regulatory sandbox program of the U.K. Financial Conduct Authority (FCA).
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Image credit:EU startups
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