Canadian fintech company Kooltra has closed a $6.5 million Series A funding round, as it bids to expand its cloud-based foreign exchange (FX) solution for financial institutions. The Toronto-based firm, founded by former Velocity Trade exec Adam Katz in 2012, received its latest round from investors including Hyde Park Venture Partners and Round 13 Capital, bringing the company’s total cash injection to $8.1m.
Kooltra, whose cloud-based FX platform allows multinationals and startups to automate operations, will use the funding to expand in the UK, and pursue the business of over 3,000 regional and community banks, fulfilling its promise to deliver for big, and small, clients.
“We’ve always held a core belief in democratizing foreign exchange and capital markets as a whole,” said Katz, who is also Kooltra’s CEO. “The barriers to entering this business simply shouldn’t be as high.”
“The opportunity to transform the foreign exchange market is massive,” Greg Barnes, principal at Hyde Park Venture Partners, told Startup World. “The more we understand about banks’ and non-banks’ return on investment, the more we’ll be able to spread cloud-driven automation, compliance and efficiency gains to players up and down the ecosystem.”