Wellington Financial, a privately-held specialty finance firm, has provided a USD3.5m debt financing commitment to Pivot of New Jersey, a provider of liquidity management and collaboration software to the financial markets.
Pivot’s venture capital investors include Boldcap Venture Partners, Draper Fisher Jurvetson Gotham Ventures, Epic Ventures, Eze Castle Integration, Hudson Ventures, and Softbank Capital.
"Thousands of trading professionals use Pivot’s suite of tools to streamline communications, collaboration and liquidity management. The resulting increased speed in locating and acting on trading opportunities serves to drive profitability," says Craig Netterfield, senior vice president at Wellington Financial. "Pivot is our fourth US northeast VC-backed debt financing over a short period of time, which speaks to our commitment to provide non-amortizing true growth capital in this key North American high tech region."
The Pivot platform increases the revenue and profitability of trade desks, allowing brokers and traders to locate liquidity, negotiate trades, and integrate pre-trade information with pricing, analytics, execution and clearing systems.
Pivot helps convert trading operations from an inefficient mix of phone calls, emails, and IMs into a shared trading screen that combines personal interactions with electronic trade data exchange.
"The opportunity for Pivot to transform inefficient markets is tremendous. Having a smart, experienced financial partner like Wellington Financial means that Pivot will have the resources and flexibility to support our growth objectives," says John Eley, chief executive for Pivot. "I’m excited to add such a strong partner like Wellington to the team."