Success breeds success. This truism has certainly been the case for us at MayStreet. Following our assumption of the SEC’s MIDAS contract last Fall, a steady stream of client wins, and last month’s successful company rebrand, we’re pleased to announce that we’ve closed a $21 million Series A financing round led by Credit Suisse Asset Management’s NEXT Investors.
“Series A?” I hear you ask. “Haven’t you been in business since 2012?”
Well, we’re obviously not talking overnight, ephemeral success, but rather the culmination of foresight, some very fine coding, and a tremendous amount of determination and grit. It’s obviously very gratifying to our entire team – many of whom have been with Mike and me from the early days—to reach this milestone, and we are proud and humbled that our investor partners are placing their confidence in us to this degree.
But really, we’re most excited about what this means for our clients, which include some of the industry’s most sophisticated and discerning banks, market makers, quantitative investment firms, traditional asset managers, trading platform vendors and regulators.
This investment will allow us to complete our global coverage, adding to the scores of exchanges and alternative trading venues in North America, EMEA and Asia-Pacific for which we offer data at present. We’ll also be expanding the range of asset classes we support from the current equities, options, futures and fixed income data we provide today. We’ve already begun rounding out our fixed income coverage with additional treasury venues and plan to begin adding FX markets later in the year. Finally, our work to further build our team will continue apace—the expansion of our engineering group means that we’ll be able to create new APIs and deliver more platform enhancements, all while providing the level of service people have come to expect from MayStreet.
As market data has become increasingly critical for capital markets participants, we’ve been fortunate to consistently stay ahead of the curve by building a platform that collects the highest-quality and most complete data then makes it immediately usable. There’s a growing realization across the industry that an approach like ours fills a widespread need. Getting the right data into the right hands at the right time is no trivial matter. It takes expertise. And investment. For many market participants—both large and small—it’s a huge drag on their core business. When time is money, you’re at an advantage when you can rapidly analyze real-time and “near-time” data then instantly take action.
That was the thesis we had eight years ago when we launched the business, and if anything, we underestimated the need. The deluge of financial market data has swelled enormously since then, as has the industry’s appetite for it—it jumped to more than $30 billion last year, according to a recent Burton-Taylor report. “Data is the new oil,” as the new saying goes, and we’re in an excellent position to help our clients harness it.
Together with the capital infusion, we’re also adding serious industry firepower to our team, with industry veteran Rishi Nangalia joining our board. Rishi, who served as CEO at REDI Global Technologies after it was spun off by Goldman and most recently was Global Head of Buy-Side Trading at Refinitiv, will also be a strategic advisor to MayStreet. “I’m looking forward to helping the whole team at MayStreet accelerate the growth of the impressive business they’ve built,” Rishi said in today’s press release, and we’re equally excited to welcome him to the firm.
Along with Rishi, Greg Grimaldi, Co-Head and Portfolio Manager of NEXT Investors, also joins our board, bringing a tremendous amount of experience helping scale firms in a similar position to ours. With the guidance of Rishi and Greg, we’re extremely confident that this investment will not only help us realize our considerable growth ambitions but be a major win for our current and future clients.
As always, we thank the countless individuals who’ve helped us along the way and look forward to where we go from here. Stay tuned for more exciting announcements!
— Patrick Flannery, Co-Founder and CEO