Trumid CEO Ronnie Mateo. Photo credit: Trumid

Trumid Financial, a bond trading platform, has raised $200 million in new funding from investors that values the six-year-old company at more than $1 billion. Investors including T. Rowe Price, BlackRock, TPG, and Dragoneer provided the new funding, which adds up the total amount of funding that Trumid has raised since its inception to about $400 million. Previous investors in Trumid include the likes of Shumway Capital, Soros Fund Management, and entrepreneur Peter Thiel.

Trumid is a trading platform primarily for corporate bonds and credit default swaps. Based out of New York, the company was founded in 2014 by a group of credit professionals with years of trading experience under their belt. The coronavirus pandemic has led to widespread volatility surges on trading platforms and Trumid is no exception. In June of this year, more than $20 billion worth of financial instruments were traded on Trumid’s platform, marking the fourth concurrent month of this year in which its trading volume surpassed that amount. Trumid plans to put its new funding towards product expansion into emerging markets and new geographies such as Asia.

Trumid has leveraged relationships and partnerships with Wall Street firms to make trading corporate bonds and credit default swaps electronically easier. Among the company’s partners include the likes of Bank of America and Barclays Plc. “It’s time to expand,” Trumid’s President, Mike Sobel, said in a statement. “This is very much about putting ourselves in a position to invest in growth.”