MayStreet has raised $21 million in Series A funds announced on Thursday.
The New York City fintech startup plans to spend the cash on growing globally, developing its financial data sets and expanding its sales and marketing teams. The company is currently hiring for three open roles in engineering and development.
Founded in 2012, MayStreet collects raw market data from trading floors and spits it into a platform customers like the U.S. Securities and Exchange Commission can customize according to their needs. The startup claims that, by offering high-quality data precisely when traders need it, banks, regulators, investment managers and more can lower their IT cost, improve their financial performance and increase automation. MayStreet also stores the data for customers as a historical record.
In January, CEO Patrick Flannery told Markets Media that MayStreet’s revenue grew by more than 250 percent in 2019. He said he planned to spend this year growing the company’s data sets and expanding into Asia and Latin America. MayStreet competes with companies like Refinitiv, which was acquired by the London Stock Exchange for $29 billion last year, and the NYC-based Bloomberg in the market data management space.
“The race is on to figure out how to most effectively extract value out of the ocean of market data that gets created each day,” CEO Patrick Flannery said in a statement.
NEXT Investors led the round.
