Toronto’s Kooltra announced today it has completed a $6.5 million CAD investment round from Hyde Park Venture Partners, Round 13 Capital, Salesforce Ventures and existing investor Real Ventures.
This closes Kooltra’s early stage financing at $8.8 million CAD.
Kooltra is a cloud platform that helps financial institutions and non-bank firms modernize and automate foreign exchange (FX) operations.
With $5.1 trillion traded on worldwide FX markets every day, there is a huge opportunity for organizations of all sizes to run successful FX businesses. The legacy technology stack, manual processes and spreadsheets that have traditionally enabled FX operations are expensive, complicated to use and prone to error.
Kooltra helps financial institutions save their customers money while simultaneously increasing margins and profits by making the process more efficient.
Kooltra already processes billions of dollars in daily transactions for customers spread across Canada, Australia and the United Kingdom. The company is now expanding in the U.K., where 40 percent of global FX is traded, and the United States, where few solutions exist because global trade has traditionally been done in U.S. dollars and banks are ill-equipped to handle increasing demand with their current infrastructure.
The company will use the new funding to grow its engineering, sales and customer success teams, further build out its platform, expand operations into the U.K. and pursue the more than 3,000 prospective regional and community bank as well as credit union customers across the U.S.