Salt Lake City, UT - Interbank FX, a leading provider of online foreign exchange trading, announced today that it has received a $40 million minority equity investment from Spectrum Equity Investors. The investment supports Interbank FX's agency-execution business model and proprietary technologies, and will further position the company for its next stage of growth. Interbank FX management will retain full operating authority of the company, and there will be no changes to the firm's strategy, operations, personnel or commitment to customer service. Additional terms of the transaction were not disclosed.
Todd Crosland, founder and CEO of Interbank FX said, "We are extremely pleased to have Spectrum Equity make this strategic investment in the Company, and believe this partnership will help Interbank FX achieve its goal of becoming the premier forex trading platform in the marketplace. With their domain expertise and financial resources, Spectrum represents the ideal partner to help Interbank FX capitalize on the tremendous growth opportunities facing the company and to assist our continued innovation in establishing market-leading execution and service offerings."
"Since inception, Interbank FX has distinguished itself as an industry leader with its "no dealing desk", agency-execution business model and customer service focus. We are excited to be involved in the next stage of the company's development," said Vic Parker, managing director of Spectrum Equity Investors. "Interbank FX is a perfect fit for Spectrum, given our firm's experience in technology-enabled financial services, risk management, compliance and online services, as well as our investment focus on rapidly growing, profitable services companies."
"As a result of tremendous growth in online spot forex trading, we have evaluated numerous investment opportunities in this sector over the last five years," said Chris Mitchell, managing director of Spectrum Equity Investors. "We believe Interbank FX represents a unique opportunity to back an accomplished and high-integrity management team in conjunction with an agency-only trading execution model in which company interests are squarely aligned with those of its customers. We believe this alignment will enable Interbank FX to continue the empowerment of its customers via price transparency and industry-leading trading spreads."