It will create an all-to-all e-market to boost liquidity and efficiency of corporate loans.
iLex, a Singapore-based fintech startup, has announced the closure of its undisclosed seed funding round with investors from France, Hong Kong, Singapore, and the US, a press release revealed. It has also signed an MoU with IHS Markit to connect its platform with IHS’ suite of solutions.
The startup is creating a multilateral e-market platform that will augment the network, deal flow and liquidity opportunities for loan market participants.
Bertrand Billon, CEO and founder of iLex, said, “Despite being the world’s second largest source of capital after equities, the corporate loan market remains primarily relationship-driven and relying on inefficient manual processes. As evidenced by the electronification of other asset classes, such as equities, foreign exchange or bonds, significant benefits can be derived from an electronic market, including the lowering of costs and operational risks and improving liquidity and price discovery for the loan market.”
They are also developing integrated digital solutions to automate the largely manual primary syndication and secondary market processes from end-to-end. Some of the solutions include automated deal workflows, secure communication and collaboration systems, and trade monitoring.
iLex, co-founded by Marc Verlet (COO) and Arnaud Teissier (Head of Business Development), will aggregate proprietary and third-party market datasets to provide deeper analytics on market activities of borrowers and lenders as well as pricing and credit benchmarking tools, the press release added.
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