Siege FX gets £7m as Nasdaq, UBS and Barclays Bet on Platform

Siege FX, the operator of a mid-matching service for spot, has announced that it raised £7 million in a series A funding round from Nasdaq Ventures, UBS and Barclays to grow its reach and breadth of services.

The company operates MidPool, which enables market participants to find liquidity that offsets their positions without information leakage using an independent midrate. Siege was founded by Andrew Woolmer in 2017. The company takes its name after a horse owned by Woolmer’s wife that was born on the day of the Iranian Embassy siege, with the name representing the desire to proactively crack established markets with new ideas.

“The deal is a significant endorsement of Fintech in the UK and it’s proof that innovation is alive and well in FX markets,” Woolmer tells The Full FX.

Siege says MidPool is already used by leading global banks, institutional investors, and corporate treasurers to minimise market impact and execution costs and has experienced significant growth in recent years. The newly-raised funds will support the expansion of Siege’s fast-growing platform and services.

It will also allow the firm to bring the mid-pool model to new instruments and to develop additional services. Adrian Boehler, global head of macro sales, Global Markets, UBS, says Siege plays an important role in helping the industry address “structural challenges,” while delivering sustainable value and a more resilient ecosystem for liquidity providers and clients alike.

Gary Offner, head of Nasdaq Ventures, adds that the platform provides market participants with an efficient matching mechanism that minimises the impact of trades, while Ryan Hayward, head of strategic investments at Barclays, says that it supports Siege’s mission to develop offerings that reduce costs and impact across asset classes.

“We are pleased to welcome these strategic investors as we embark on the next exciting phase of the company’s development.” says Claude Goulet, CEO of Siege FX.