Bricknode scores huge deal and hires UK executives to expand brokerage software
The firm has experienced 45% growth in H1 2021 on a year-over-year basis and a revenue retention rate of 101%.
Bricknode has been selected by TBC capital, the investment arm of Georgia’s largest bank, as the provider of brokerage software.
The Swedish-based SaaS banking platform will be deployed to power TBC Capital’s suite of investment options. In relative terms, this is a huge deal for Bricknode as it establishes its brokerage software across the globe.
The provider of the cloud-native core brokerage platform has signed a six-year term deal, which is expected to boost Bricknode’s monthly recurring revenue by 20% on average, based on current monthly recurring revenue.
Meri Chachanidze, Managing Director at TBC Capital, said: “We chose Bricknode’s solution as our aim is to provide cutting-edge brokerage services and keep pace with evolving customer needs. In order to achieve this, we need scalable operational infrastructure that integrates easily with our customer journey and existing processes. Bricknode will help us expand our brokerage capabilities while reducing our operational costs.”
Stefan Willebrand, Founder and CEO at Bricknode, commented: “We’re absolutely thrilled to be working alongside TBC Capital to support the digitalisation of their brokerage services. With Bricknode, TBC will be able to configure and deploy investment solutions quickly and adapt these to meet customer expectations. Our platform will help secure TBC’s position as the leading brokerage and advisory firm in Georgia for years to come.”
TBC Capital will implement a digital core brokerage platform to provide access to investment options across global stock exchanges for its customers.
Bricknode’s platform leverages automation and flexible APIs to help financial companies modernise their investment infrastructure.
The Bricknode platform offers composable infrastructure for financial institutions and supports the digitalization within those organizations to enable seamless end user experiences.
The platform supports more than 33,000 financial products and has reported approximately 400,000 trades last quarter with total assets on the platform worth SEK 25 billion. The firm has experienced 45% growth in H1 2021 on a year-over-year basis and a revenue retention rate of 101%.
Last week, Bricknode announced two UK hires to support the international expansion and increasing demand for its cloud banking solutions.
Joel Cope (formerly at Thomson Reuters, Moody’s, and Worldfirst) joined the Swedish-based fintech company as Head of Marketing and Barry White (formerly at TIM, LSEG, and Bloomberg) has been appointed as Sales Manager.
“Joel and Barry join Bricknode during a period of significant company growth and their combined experience will provide a big boost to our sales and marketing function. Our cloud software can be used by organisations anywhere in the world and establishing a UK presence will help us meet demand among the country’s established financial companies and start-ups”, said Erik Hagelin, Co-CEO at Bricknode.