FinClear, a provider of wealth management technology, services, and infrastructure to the Australian financial market, has announced a partnership with retail FX and CFD broker ThinkMarkets. FinClear already services more than 50% of all retail and equity transactions every day in Australia, and hosts in excess of $7 billion direct HIN investments for end investors.
Tony Lynch, Chief Operations Officer at FinClear, commented: “The diversification into this type of business has been a significant source of growth for us. Because we own the full clearing technology stack and service chain from the end-user to the exchange and through to clearing and settlement, we are able to service fintech companies far more efficiently than anyone else. As a result, we’ve had a surge in demand for this part of the business.”
“Our systems have always been delivered to our clients via API, but this is the first time we have implemented a direct API for a client. It makes much more sense for companies like ThinkMarkets to use a ready-made solution like ours rather than incur the expense and maintenance of building one themselves, and we’re delighted to be supporting the burgeoning of consumer-friendly fintechs in this country”, Lynch added.
Nauman Anees, Chief Executive Officer at ThinkMarkets, said: “We are pleased with FinClear’s ability to provide wholesale trading access more efficiently than anyone else in the market, to allow us to best serve our clients.”
As an ASX Clearing Participant, FinClear hosts, trades, clears and settles securities for banks, financial advisers, and stockbrokers with its proprietary API trading technology via a cloud-based open ecosystem developed, built, and maintained in Australia. The firm is also a participant in Chi-X and NSX markets.
In mid-2020, FinClear announced an 87% year-on-year growth as the client base continues to grow, with CEO David Ferrall pointing to its scalable, efficient trading and advice tools as key drivers for the company’s success. “We’re very fortunate to be in a position where there is strong demand for what we have to offer,” he said. “We’ve actually seen a significant uptick in interest over the past two months, as market participants look to streamline their operations as much as possible.”
FinClear has most recently secured $20 million in funding through the issue of new equity to Magellan Financial Group. The money raised will support its future growth ambitions. The firm started out as an alternative to clearing for Australian financial services firms and has grown to a turnkey technology solution.