Financial services tools are so hot right now, and capitalizing on that heat has earned the startup company Scivantage another $20 million in primarily debt financing.
The Jersey City, N.J.-based company sells software to manage and monitor investment trades, something that allows anyone from a mom-and-pop retail-focused investor (these actually are pretty much just fiction) to some of the mid-sized investment banks track their investments from the trade tTradinghrough all of their low buys and high sells.
Financing for the new round came mostly through $15 million in debt provided by Comerica Bank and Orix Ventures, as well as follow on equity investments from Brown Brothers Harriman Capital Partners (BBH Capital) and Edison Ventures.
“We power business to consumer trading sites [like] a large bank’s trading site, a large retail broker site,” says Adnane Charchour, the president and chief executive of Scivantage. His company is taking a new options management tool and product to market that customers can use to improve their financial reporting. The fresh capital the company received will support the development of those products and their sale into various markets.
Charchour stresses that investors should be able to take a dashboard approach to investment, where investors can see how they’re performing relative to other market segments.
Scivantage is rolling out a tool to do just that. “[It's] looking at other segments that might be doing better than the segments you’re in,” says Charchour. The tool falls short of providing a recommendation, but allows investors to compare themselves against both their peers in the market, and competing products investing in different categories.
Some of the company’s new wealth may also support acquisitions, according to Charchour. “There are two segments that are acquisition targets. One to solidify our existing solutions — like trading. And anything with data analytics that can help our customers. In either case I’d rather acquire than have to build.”