Financial institutions and non-bank currency companies will now be
able to automate their FX businesses, move from legacy tech and slash
TORONTO–(BUSINESS WIRE)–Kooltra, a cloud platform that helps financial institutions and non-bank
firms modernize and automate foreign exchange (FX) operations, announced
today it has completed a $6.5 million CAD investment round from Hyde
Park Venture Partners, Round 13 Capital, Salesforce Ventures and
existing investor Real Ventures. This closes Kooltra’s early stage
financing at $8.8 million CAD.
trillion traded on worldwide FX markets every day, there is a huge
opportunity for organizations of all sizes to run successful FX
businesses. The legacy technology stack, manual processes and
spreadsheets that have traditionally enabled FX operations are
expensive, complicated to use and prone to error. Kooltra helps
financial institutions save their customers money while simultaneously
increasing margins and profits by making the process more efficient.
Kooltra already processes billions of dollars in daily transactions for
customers spread across Canada, Australia and the United Kingdom. The
company is now expanding in the U.K., where 40 percent of global FX is
traded, and the United States, where few solutions exist because global
trade has traditionally been done in U.S. dollars and banks are
ill-equipped to handle increasing demand with their current
The company will use the new funding to grow its engineering, sales and
customer success teams, further build out its platform, expand
operations into the U.K. and pursue the more than 3,000 prospective
regional and community bank as well as credit union customers across the
“The opportunity to transform the foreign exchange market is massive,”
said Greg Barnes, principal at Hyde Park Venture Partners. “The more we
understand about banks’ and non-banks’ return on investment, the more
we’ll be able to spread cloud-driven automation, compliance and
efficiency gains to players up and down the ecosystem.”
“We’ve always held a core belief in democratizing foreign exchange and
capital markets as a whole,” said Adam Katz, CEO and founder of Kooltra.
“The barriers to entering this business simply shouldn’t be as high as
they are, particularly in this age of technological innovation and
global trade, so we’re tearing them down.”
Money services businesses, banks and credit unions can leverage Kooltra
to streamline their internal operations for specialized FX solutions,
improve their clients’ international trade experiences and maintain
compliance with stringent regulations. Furthermore, by bringing the FX
business in-house, regional and community banks no longer have to pay
significant fees to upstream banks to complete transactions for them or
hire pricy developers to custom build and maintain their own software.
Small and large brokerages, hedge funds, market makers and other firms
that redistribute liquidity to the market can aggregate, manage, process
and analyze a large number of FX transactions, replace rigid legacy
technology with process-driven automation that scales and save hundreds
of thousands – if not millions – of dollars in licenses, processing
infrastructure, implementations, maintenance and software upgrades.
Kooltra’s intuitive solution leverages Salesforce as an enterprise data
platform. Customers can access Kooltra cloud apps and APIs to manage
their front, middle and back office and reporting while relying on
Salesforce’s industry-leading IT infrastructure, security and data
“Kooltra has found a brilliant way to extend the power of the Salesforce
platform,” said Matt Garratt, managing partner at Salesforce Ventures.
“They are a great example of why Salesforce Ventures sees so much
promise in Canadian tech, and we’re thrilled to help them grow and
continue to innovate.”
Katz identified the need for automation and started building on the
Salesforce platform in 2010 while working at a mid-tier FX firm, where
he experienced the abundant inefficiencies and gratuitous technology
investments firsthand. Aiming to provide the industry’s first practical
solution, he launched Kooltra in 2014.
For more information and open job positions, visit www.kooltra.com.
Kooltra is a leading fintech innovator building a multi-layered capital
markets cloud platform that empowers established players and startups
alike to automate their operations, connect with customers and
providers, and manage a modern FX businesses.
About Hyde Park Venture Partners
Hyde Park Venture Partners (HPVP) is an early stage venture capital firm
focused on software startups in the Midwest. With offices in Chicago and
Indianapolis – and a network of advisors throughout the region – HPVP
invests in proven startups that have talented management teams and fast
growth. HPVP’s sweet spot is investing in B2B software and consumer
marketplace startups raising a Series A round of capital.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company
and the #1 CRM provider globally. Salesforce Ventures—the company’s
corporate investment group—invests in the next generation of enterprise
technology that extends the power of the Salesforce Customer Success
Platform, helping companies connect with their customers in entirely new
ways. Portfolio companies receive funding as well as access to the
world’s largest cloud ecosystem and the guidance of Salesforce’s
innovators and executives. With Salesforce Ventures, portfolio companies
can also leverage Salesforce’s expertise in corporate philanthropy by
joining Pledge 1% to make giving back part of their business model.
Salesforce Ventures has invested in more than 275 enterprise cloud
startups in 17 different countries since 2009. For more information,
please visit www.salesforce.com/ventures.
The Dialog Lab for KooltraBrad Hem, 281-543-0669Partner[email protected]