Home FinTech Fintech platform PrimaryBid raises US$50 million Series B funding

Fintech platform PrimaryBid raises US$50 million Series B funding

Fintech platform PrimaryBid raises US$50 million Series B funding
Fintech platform PrimaryBid raises US$50 million Series B funding

London based FinTech platform, PrimaryBid that establishes a connection between retail investors and public companies raised nearly USD 50 million series B funding on 26th October 2020. The funding round was led by London Stock Exchange Group, OMERS Ventures, Draper Esprit, ABN AMRO Ventures and Fidelity International Strategic Ventures.

The funding details

The enterprise is planning to use the investment in building their technology platform and their team. They also intend to use this funding to expand in the international market. PrimaryBid already has an agreement with London Stock Exchange Group which was signed last November. The agreement involves the two businesses to work together for improving the digital infrastructure so that the individual investors can get excess public share services. The long-term agreement ensures the retail investors are able to make the transactions at the same price the institutional investors do and thereby creates a more independent access to the public market. 

The listed enterprises want to associate with private investors, but usually lack an efficient method of doing so. Their unique solution is based on the idea to allow the investors to participate in the investment and deliver open access regardless of the investment size. The enterprise is focused on new issuance shares rather than involving in trading of the existing ones. 

PrimaryBid has completed around 41 investment raisers for UK based investment trusts and companies after April 2020, by working with global investment banks to scale investor access as the enterprises recapitalize their raised growth funds and balance sheets. It has been involved in small capital raises for many companies including the SSP group, Ritazza brand, online grocer Ocado, FTSE 100. 

About PrimaryBid

The online funding platform PrimaryBid helps the investors to access the fundraising of listed enterprises was founded in 2015 by Anand Sambasivan and Kieran D’silva. The company is headquartered in London, United Kingdom and provides a regulated platform available on mobile and desktop medium. It automates the retail demand so that the active and large private investors can be connected to the enterprises who are seeking to raise investment. In the past three years, PrimaryBid has grown from an early stage startup to an award winning dynamic investment platform. They have sourced £56 million on their platform and the recent offers were closed within hours. They trade within several sectors and have provided opportunities to thousands of private investors. The enterprise doesn’t charge any commission from the investors for its service available on their website.

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