RealTime IT News

Shell Backs Online Foreign Exchange Dealer Currenex

[London, ENGLAND] Global currency exchange Currenex announced Monday it has secured US $27.6 million in funding from the Royal Dutch/Shell Group of companies.

Shell, which transacts over US $200 billion a year in the global foreign exchange markets, has been using Currenex's FXtrades service and clearly likes what it sees. With its investment it also gets participation in the Currenex Advisory Board.

In April this year, Currenex secured first round funding from several other investors led by TH Lee.Putnam Internet Partners (THLi). In September, further financing came from Amerindo Investment Advisors, Barclays Capital, THLi, and WR Hambrecht + Co. To date, the company has raised over US $50 million.

Lori Mirek, president and chief executive of Currenex, called Shell "a global leader in energy and a visionary force in B2B commerce."

"This relationship supports Currenex in its commitment to provide an independent, trusted and open exchange that creates exceptional value for corporations, asset managers and banks worldwide," said Mirek.

Speaking for Shell, Central Treasury Manager Joris Kniep said the oil conglomerate had followed the development of electronic trading in FX and related markets very closely over the past year.

"We concluded that an independent exchange such as Currenex is the best option for Shell in transacting FX in an efficient, secure and effective manner. The potential to align our Treasury and B2B marketplace needs, knowledge and experience to the continuing development of the business gives our investment added value," said Kniep.

FXtrades, the service run by Currenex on the Internet, brings banks, corporate treasury departments, institutional funds and other parties together in a real-time FX marketplace. Its trading solution covers all aspects of foreign exchange dealing from initiation and execution to settlement and reporting.

However, Currenex is not the only online marketplace being used by Shell. It also participates in trade-enabling site Trade-Ranger, chemical marketplace Elemica.com, marine e-commerce site OceanConnect, bulk ocean transportation business LevelSeas, and the trading exchange for metals and energy IntercontinentalExchange.