Steve Gibson, Euclid Opportunities, was recently named as one of the Institutional Investor Fintech35
In 2011, as part of ICAP’s ramp-up of the post-trade risk and information (PTRI) division, the firm launched a strategic fintech fund, Euclid Opportunities. The financial crisis had spawned “a raft of new regulations requiring new operating models” recalls Euclid founder and CEO Steve Gibson; “The markets needed new platforms, talent, and management teams to solve new problems of efficiency, scale, capital, and resources”
Euclid began building its portfolio with Duco, a provider of advanced algorithms that automate historically manual reconciliation processes, and has gone on to touch other bases in data management and transaction processing. Holdings range from AcadiaSoft in collateral management to telephony and collaboration innovator Cloud9 and distributed ledger leader Digital Asset Holdings. Euclid has had two exits in 2016, ICAP the buyer in both cases: hedge fund and prime brokerage platform ENSO Financial Analytics in April, and regulatory reporting company Abide Financial in October. Also in October, Euclid increased its funding of derivatives-risk analytics provider OpenGamma in a $13 million round, along with Accel and former SunGard Data Systems CEO and current OpenGamma director Cristobal Conde.
“A lot has been written about a tougher climate for fintech start-ups” says Gibson, “But there will always be a small number of good firms that continue to get funded”