WIKIFX REPORT: FINCLEAR GROWS CLEARING BUSINESS WITH VELOCITY TRADE

The Australian financial technology company, FinClear, today announced that it will provide third-party clearing services to global broker-dealer Velocity Trade.

FinClear CEO David Ferrall said the deal, FinClears first new third party clearing client post its recent acquisition of Pershing Australia, would present a number of synergies to both firms.

“Velocity is a global firm with great businesses and relationships in markets around the world,” he said. “We‘re delighted to welcome them aboard, and I’m sure that our two businesses will find plenty of mutual value as our relationship develops.”

Velocity Trade Managing Director and Head of APAC, Spencer Davey, said FinClears reputation and breadth of services were a good fit for the business, which previously used UBS for its third-party clearing.

“FinClear has a well-established reputation in this market, and has also been very approachable and flexible in working with us to achieve our needs,” he said. “We are really looking forward to working with the team.”

Established in 2015, FinClear offers a range of financial services technology solutions to clients from boutique financial advice practices to Australias largest banks. The company counts among its investors Magellan Financial Group and leading VC firm King River Capital, and acquired Pershing Australia in June 2021.