Originally published on The Desk.
By Dan Barnes, The Desk.
IMTC, a provider of fixed income investment management technology, has secured its first external funding round, which was led by Nyca Partners. This investment should enable previously privately-funded IMTC to scale software development and client teams following an “exceptional year” of new business growth in 2021.
In addition, Russell Feldman, the firm’s former chief operation officer, is stepping into the CEO position. He has played a vital role in the launch of IMTC and helped design the strategic direction of the company since its inception, having joined in 2017 as a senior business development manager.
“Nyca is a true leader in the fintech venture capital space; their extensive LP network has deep industry expertise that is strongly aligned with our product offering and customer base. I’m thrilled for us to partner with their team,” said Feldman. “Coming off an explosive year of growth, I’m enthusiastic about our ability to unlock additional value for our current clients and grow the number of buy-side firms we serve.”
Nyca, launched in 2014 by Hans Morris, has extensive experience investing in the fintech sector and focuses on connecting innovative companies to the global financial system. Dan Kramer, CEO of Opsmatix Systems and limited partner advisor at Nyca, is joining IMTC’s board, bringing asset management experience from BNY Mellon, JP Morgan, and Deutsche Asset Management. Investing alongside Nyca are venture firms Compound Capital, Boro Capital, Loeb.nyc, and Seraph Group.
“Significant increases in data sources mean that investors have access to more information, but this data is not integrated into decision and execution workflows. IMTC’s team incorporates the market expertise, cutting-edge technology talent, and entrepreneurship that is necessary to pull off ecosystem change,” according to Morris. “Due to the continued complexity and fragmentation of the fixed income market, IMTC is uniquely positioned to continue building the technology needed to increase efficiency for bond investors.”
Erik Zoega, founding partner of IMTC, will remain an integral part of the company as he transitions from CEO to president. He explains, “Russell has worked alongside me throughout every phase of IMTC’s journey since its inception and I have envisioned passing the torch to him for many years. I couldn’t be prouder of all that IMTC has accomplished so far and look forward to continuing to work closely together with Russell and the rest of the team in this new chapter for the company.”
Over the past year, IMTC has reported an increasing number of RIAs and institutional managers looking to simplify and automate their fixed income investment processes. Through its cloud-native investment management system, IMTC’s systems are designed to enable fixed income managers to construct, optimise, and rebalance accounts within seconds and with greater visibility than ever before.
This round of funding will be used to help scale software engineering resources for IMTC’s optimisation engine and add to its list of industry and data integrations. In addition, IMTC plans to expand its client success and implementation teams to account for the increase in new business.