Origin, a London-based fintech company that pioneered the digitalisation of bond issuance, has closed its US$ 7million Series A funding round in November 2020, led by Clearstream and the Luxembourg Stock Exchange (LuxSE). This brings the startup’s total funding to date to US$ 10 million.
Their aim is to further develop Origin’s existing platform to establish a digital, end-to-end, straight-through-processing issuance platform for international fixed-income capital markets, enabling instant, T+0 issuance, listing and settlement, using the fresh capital. This plan will be fulfilled in a phased approach over the coming years in cooperation with major market participants, including Origin’s existing dealer and issuer client base, as well as Clearstream’s and LuxSE’s partners in the agency, post-trade and infrastructure space.
The platform already provides an integrated digital listing service, enabling issuers and their agents to get listings on LuxSE with a single click. It will also start offering instant ISIN generation for transactions crystallised on Origin Documentation by utilising ISINs provided by Clearstream. They aim to go live with this feature by mid-2021.
Later, integration of standardised and automated ICSD admission checks into the platform will be carried out, leading to automation from origination to settlement and payment processes.
What Clearstream has to say
Jens Hachmeister, Head of Issuer Services and New Digital Markets at Clearstream said, “We are happy to see this partnership evolving. Combining Origin’s solution with well-established issuance infrastructures responds to current market demands. It gives clients the opportunity for increased agility of the issuance process, resulting in faster and more straight-through issuance in a secure environment.”
What Origin has to say
Raja Palaniappan, co-founder and CEO at Origin said, “What excites me about this partnership, is not just the scale of the ambition that we have for this project, but, more importantly, how much thought and commitment there is amongst our three organisations towards making this vision a reality. Instant digital debt issuance is no longer just a dream – we have a clear roadmap for making this happen over the next few years.”
About Origin
Founded in 2015, Origin is a pioneer of digital debt capital markets. It was co-founded by Raja Palaniappan and Robert Taylor, with headquarters in London, UK. The company offers 3 products that work hand in hand to automate debt issuance, its Marketplace, Documentation and Post-Trade modules. The company now has over 90 issuers and 20 dealers as clients, including some of the biggest participants in the international capital markets.
About Clearstream
Founded in 1970, Clearstream is a key player in the securities services industry with consistently high credit ratings. It is an international central securities depository (ICSD) based in Luxembourg and they provide post-trade infrastructure and securities services for the international market and 56 domestic markets worldwide, with 2,500 customers located in 110 countries.
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