Clear Street Announces $270 Million Addition to Series B
Clear Street logo

Clear Street Announces $270 Million Addition to Series B

A FinTech that provides financial infrastructure to various businesses has added to their already-impressive funding round. Earlier this week, Clear Street announced that it had raised $270 million. The additional funds bring the firm’s Series B to a total of $435 million. This latest tranche came from Prysm Capital and valued the company at $2 billion.

A previous $165 million portion of the round also included participation from NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors. With these latest funds, Clear Street says it plans to expand into new markets as well as new asset classes. Additionally, it intends to offer more solutions for clients looking to migrate to the platform.

New York-based Clear Street is a FinTech that aims to improve financial infrastructure for institutions. This includes offering clearing, custody, execution, and prime brokerage platforms. According to their site, these services are currently used to trade more than $10 billion daily. Recently, the company also launched capital introduction and repo businesses while enhancing its securities lending capabilities among other upgrades.

Offering a status update on the company overall, Clear Street Group co-founder and CEO Chris Pento said in a statement, “Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients. Over the past year, the number of institutional clients on our platform increased by 500% and our daily transactional volume increased over 300%.” Pento added, “We’re excited to keep this momentum with support from our continued partnership with Prysm.”

Speaking to Prysm’s investment in Clear Street, the firm’s co-founder and partner said, “The Prysm team seeks to invest in disruptive and innovative companies that execute at a premier level, and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in capital markets today and truly set them apart from competitors. We have tremendous confidence in Clear Street’s outlook, and look forward to continuing our partnership in the Company’s next phase of accelerated growth.”

Clear Street’s growing Series B and $2 billion valuation once again highlight the strength of FinTechs that work behind the scenes to power offerings from other institutions. In fact, as this trend continues, we’ve seen an increasing number of consumer-facing startups pivot to similar models. While it may not become a household name, with an additional $270 million in its coffers and a growing workforce it seems that Clear Street could well grow into a major FinTech player in the coming years.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...