New York FinTech Transcend is aiming to significantly upscale its collateral management solutions for custodians and investment banks following a $10 million fund raising round.

The financing round was led by FinTech venture capital firm Nyca Partners, with the support of an undisclosed global custody bank.

Transcend, founded by the former global head of prime finance, futures and OTC clearing technology at Citi, aims to use the new funding to rapidly scale product and sales infrastructure for custodian banks and prime brokers.

“Our investors and clients share our vision for industry transformation,” said Bimal Kadikar, CEO of Transcend. “As a team, we are not alone in believing that analytics, optimisation and automation can provide a significant competitive advantage for firms’ funding and liquidity challenges. This investment will enable us to accelerate our global ambition and target our solutions across a range of sell-side and buy-side stakeholders.”

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