[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
“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
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.