New York, NY; November 15, 2023
Banking Giant Joins Growing Roster of Top-tier Banking Groups as a Transcend Client
NEW YORK, November 15, 2023 – Transcend, a leading provider of liquidity, funding, and collateral optimization solutions, welcomes Citi as their latest investor.
The investment was made through Citi’s Strategic Investments arm, which invests in innovative fintech companies globally that are strategically aligned to Citi’s institutional businesses.
Citi’s funding will support Transcend’s ongoing global roll-out of its solutions, including its groundbreaking optimization technology. Transcend, formed in 2013 by Bimal Kadikar, welcomes Citi as the third global bank to invest in the fintech firm along with other institutional investors.
Additionally, a long-term business agreement will enable Citi as a client to significantly enhance the efficiency of how it deploys cash and collateral across its global network.
The Transcend solution harmonizes and integrates activity across Bi-lateral, Cleared, and Triparty collateral requirements and allows allocation of the best collateral.
“The industry-wide solutions that Transcend is developing have the promise to dramatically shift the efficiency and profitability of the entire industry and we’re glad to play our part in facilitating these advances,” said Alain Verdickt, Head of collateral optimization at Citi.
In the last two years, Transcend has seen significant growth across the global banking community. The company has added additional board members, expanded their European branch, and added a number of industry & technology experts to its global team.
“Transcend is excited to welcome Citi as an investor and a client,” said Bimal Kadikar, Founder and CEO of Transcend. “Additionally, we are delighted that Citi’s funding will allow us to expand our solutions, which are already yielding tremendous savings for the industry.”The use of collateral has moved beyond operations and is now being seen as a strategic enterprise-wide business opportunity. The streamlining of collateral and funding is already helping financial institutions save tens to hundreds of millions of dollars annually. Transcend continues to be at the forefront of these industry innovations with its cross-triparty collateralization and other solutions for institutional market participants.
Transcend is on a mission to help global market participants achieve next-level performance results through innovative solutions that enhance liquidity, funding, and collateral decisions. With a growing roster of world-class banks, broker-dealers, asset managers, and custodians as clients, the firm is quickly becoming the gold standard for inventory analytics, optimization, and automation within a business line or across the enterprise. Led by a team of 145+ domain experts, Transcend addresses an array of complex financial, operational, and regulatory concerns challenging the capital markets industry. For more information, visit transcendstreet.com and follow us on LinkedIn and Twitter.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.