MayStreet, a market data infrastructure platform, has obtained a $21 million Series A financing round led by Credit Suisse Asset Management’s Next Investors.
The investment will be used to accelerate MayStreet’s product development and the expansion of the company’s sales and marketing presence.
In addition, as part of the investment, trading technology and market data industry veteran, Rishi Nangalia, will join the MayStreet board.
The investment will be used to accelerate MayStreet’s product development and the expansion.
Commenting on the investment, Patrick Flannery, MayStreet CEO and co-founder, says: “We’ve worked so hard these past eight years to develop, in conjunction with some of the world’s most demanding users of market data, a sophisticated platfor. Credit Suisse Next Investors sees the world in a similar way, and we are thrilled to have the opportunity to work with them to further scale our business.”
“We have been following MayStreet’s progress and believe the technology they’ve developed is truly differentiated,” says Greg Grimaldi, co-head and portfolio manager of Next Investors at Credit Suisse Asset Management, who will be appointed to the MayStreet board of directors.
In addition to joining the MayStreet board, Nangalia will be a strategic advisor to the firm. He most recently served as global head of buy side trading at Refinitiv, which he joined as part of its acquisition of execution management system (EMS) provider REDI Global Technologies.
At REDI, Nangalia served as CEO, leading the firm from its 2013 spinout from Goldman Sachs to a consortium of global investment banks and investment firms until its acquisition by Refinitiv in 2017. Prior to REDI, Nangalia spent 12 years in various product, business development and strategy roles within Goldman Sachs’ electronic trading businesses.
“Throughout my career, I have witnessed countless examples of legacy market data infrastructure that have caused a substantial drag on performance for firms of all types,” Nangalia notes. “MayStreet brings a powerful and scalable solution to these problems, and I’m looking forward to helping the whole team at MayStreet accelerate the growth of the impressive business they’ve built.”
The financing round is the latest significant milestone for the firm. In November, MayStreet became the data provider for the US Securities and Exchange Commission’s (SECs) MIDAS system through MayStreet’s acquisition of certain Thesys Technologies assets. With the deal, the SEC joined a growing list of MayStreet customers that includes many of the world’s leading financial institutions.