Citi, Others Invest in Working Capital FinTech LiquidX

LiquidX, which provides a blockchain-based platform for executing financial transactions, announced Friday (June 10) it had raised new funds from existing investors Broadridge Financial Solutions Inc. and Citi.

LiquidX Chief Executive Jim Toffey said in a prepared statement: “Our partnership with Citi, coupled with our expanded strategic relationship with Broadridge, positions us as a true fintech partner for all participants in the trade and working capital landscape, including banks, asset managers, corporates, and insurance providers.”

Sandeep Arora, head of digital and chief investment officer of Citi’s Institutional Clients Group, said in a prepared statement distributed by LiquidX:  “We are committed to delivering innovative solutions that enable our clients to transact without friction. In today’s digital world, that means bringing supply chain networks into a connected, digital environment. LiquidX will help our clients to improve working capital efficiency and provide them with seamless access to a range of other services offered by Citi to institutional clients.”

LiquidX is based in New York and also has offices in Boston, London and Singapore. Broadridge, a provider of technology to financial firms, is based in Lake Success, New York. LiquidX did not disclose the amount of the new or prior investments.

Announced on March 21, 2016, Broadridge stated in a news release that it had “entered into a referral, sales and marketing alliance with LiquidX, Inc. (LiquidX), the provider of an electronic exchange platform for global trade finance.” The financial terms of that arrangement also were not disclosed.

The 2016 announcement further stated: “Through the alliance, Broadridge will facilitate access to LiquidX’s trade finance exchange platform for the nearly 2,000 corporations globally with which Broadridge has relationships. The strategic collaboration with LiquidX will enable Broadridge to connect corporate treasury and finance professionals with the capital markets and trading desks of its large network of corporate, bank and asset management clients.”