JP Morgan joins Trumid protocol for direct liquidity
“We are looking forward to working together with Trumid as they focus on technology and innovation in markets as an additional option to provide best in class execution for our clients.”
J.P. Morgan has joined Trumid’s trading platform and client network as a strategic partner.
The financial technology company and fixed income electronic trading platform features a proprietary Attributed Trading protocol that provides liquidity directly to its institutional clients.
Ecosytem of liquidity options
J.P. Morgan will utilize Trumid’s protocol and both firms will work together to integrate workflows and deliver innovative market structure solutions for the credit market.
Trumid uses a differentiated approach to fintech which has driven 72% year-over-year total reported volume growth in the month of November and a 55% increase in users executing trades daily.
Its agile thought process has allowed Trumid to expand its set of trading protocols that integrate with its users’ workflows and offer an ecosystem of liquidity options.
Austin Garrison, Head of North America Credit Trading at JP Morgan, said: “We are looking forward to working together with Trumid as they focus on technology and innovation in markets as an additional option to provide best in class execution for our clients.”
Ronnie Mateo, Founder and Co-CEO of Trumid, commented: “This is a massive win for all of our clients. We’re eager to combine J.P. Morgan’s thought leadership and participation with our technology expertise to improve and expand our product.”
JP Morgan invests in Laika to beef up compliance
JP Morgan has recently invested in Laika, a compliance-as-a-service platform which has raised $35 million to develop additional automation, integrate audit experiences into the platform, build out its team, and extend the company’s growth and momentum in the market.
The Series B funding was led by J.P. Morgan Growth Equity Partners with participation from PayPal Ventures and all existing investors including Bain Capital Ventures, Canapi, Dashfund, Nyca and ThirdPrime.
Companies are increasingly reliant upon independent audits and assessments of software providers’ compliance controls. This has been a cumbersome, manual and lengthy process that results in missed deals and lost revenue.
Laika was founded to address this issue and help companies establish robust compliance practices by combining automated infosec workflows, audits, monitoring, and vendor due diligence in a single platform.
Laika supports its customers with subject matter experts at every step of the compliance process, including dedicated compliance architects to help companies navigate compliance processes and obtain security certifications.
Having achieved 4.5x ARR growth YOY, including 3.9x YOY customer growth and more than 50% of customers upgrading to the company’s Laika+ offering, the firm has proven to be a solid investment, especially for firms that highly need robust compliance solutions such as JP Morgan and PayPal.
Laika currently has 100 employees and expects to grow headcount by approximately 120 in the next 12 months, with a focus on building out its Sales and CX teams to support customers on the West Coast and Asia-Pacific region.