Calastone Acquisition, Valuation, Funding & Investors

Alpaca is a New York-headquartered developer platform offering API-based brokerage services for stock and cryptocurrency trading. The infrastructure provides commission-free execution, real-time market data feeds, paper trading environments, and advanced order types including algorithmic strategies. Backed by Y Combinator and investors like Spark Capital, Alpaca powers trading apps for retail and institutional users across multiple global markets.

A5X is a São Paulo-based financial marketplace operator providing electronic trading, clearing, settlement, and post-trading infrastructure for Brazil's capital and money markets. The platform facilitates transactions in equities, fixed-income securities, derivatives, and foreign exchange through high-speed matching engines and risk management tools. It connects institutional investors, brokers, and market makers with straight-through processing capabilities. Launched to foster competition alongside B3, A5X emphasizes low-latency execution and regulatory-compliant reporting for domestic financial institutions.

Paxos is a New York-headquartered regulated trust company founded in 2012. The firm issues stablecoins including Pax Dollar and partners with PayPal for PYUSD, while providing settlement services for gold tokens and crypto brokerage. Paxos operates under New York Department of Financial Services oversight, serving institutions like Venmo and Interactive Brokers with digital asset custody and trading infrastructure.

Pipe is a financial services platform that enables subscription-based businesses to access capital by trading future recurring revenue streams with institutional investors through real-time auctions. Headquartered in San Francisco, California, the company processes transactions for SaaS firms, media publishers, and e-commerce operators seeking non-dilutive funding based on annual contract values. Launched in 2020, Pipe integrates with billing systems like Stripe and Zuora to automate revenue verification and payouts, serving over 5,000 companies globally with a marketplace exceeding $3 billion in tradable revenue by 2023.

Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in US and European government debt, mortgage-backed securities, interest-rate swaps, and US and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service.

Stock3 AG is a technology company specializing in stock exchanges and trading. The group operates a web platform and associated mobile applications, offering the following solutions: technical infrastructure and editorial content related to capital markets; targeted outreach to an audience with active trading and investment behavior, to its advertising partners; a terminal solution for financial market data and analysis to market participants, and the opportunity to conduct securities transactions with various brokers via the parent company's web platform and mobile applications. Geographically, the group is currently active in the DACH region, with a focus on Germany.

Indian Energy Exchange Ltd is an India-based power trading platform provider. It is a power exchange for spot trading in power/electricity, trading of Renewable Energy Certificates (REC), and Energy Saving Certificates (ESCerts). The main activity of the company is to provide an automated platform and infrastructure for carrying out trading in electricity units for the physical delivery of electricity.

Dune Analytics is an Oslo-headquartered platform for querying and visualizing Ethereum blockchain data. Users create SQL-based dashboards tracking DeFi protocols, NFT volumes, and wallet activities on Dune's public query engine. The service supports Polygon and Optimism networks alongside Ethereum mainnet. Launched in 2018, Dune Analytics powers analytics for projects like Uniswap and Aave with community-contributed queries exceeding 100,000.

Fumi Technology is a Shenzhen-based software developer providing trading platforms and market data tools to Chinese financial entities. Established in 2016, it supports real-time analytics and brokerage interfaces as a third-party provider to platforms like Webull's China operations.

Gauntlet is a Chicago-based risk management platform for DeFi protocols, blockchains, and on-chain treasuries. The company models economic incentives, simulates stress scenarios, and optimizes parameters like liquidation thresholds and borrow limits. Gauntlet serves clients including Aave, Compound, and major layer-1 networks to enhance capital efficiency and protocol resilience.

LMAX Group is a London-headquartered financial technology firm operating electronic trading venues for FX, metals, and cryptocurrencies. Its LMAX Exchange processes over $20 billion daily notional value with centralized limit order book matching. Regulated by FCA, the group serves institutional traders globally from data centers in New York, Tokyo, and Singapore.

SmartAsset is a financial content and advisor matching platform. It operates SmartAdvisor to connect consumers with advisors alongside educational tools and calculators. New York-headquartered and ranked on Inc. 5000, SmartAsset empowers personal finance decisions and earned recognition from Y Combinator and Forbes.

WeLab is a Hong Kong-headquartered fintech company delivering digital lending and banking services across Asia, powered by proprietary AI-driven risk assessment analyzing mobile behavioral data. Operating in Hong Kong, China mainland, Indonesia, and India, it serves over 60 million users through consumer finance apps and partners with banks like Bank Negara Indonesia for B2B credit solutions. Founded in 2013, WeLab holds virtual bank licenses in Hong Kong and Indonesia, processing loans in seconds with default rates below industry averages.

YipitData is a New York-based market research firm that analyzes alternative data sources such as credit card transactions, web scraping, and app usage. It produces custom reports on market trends, consumer behavior, and industry shifts for financial institutions and analysts.

Bank of London is a United Kingdom-authorized clearing and transaction bank specializing in cross-border payments and agency services. Regulated by the Prudential Regulation Authority and Financial Conduct Authority, it serves as a principal clearer leveraging proprietary technology for compliant product launches in domestic and international markets. Headquartered in London, the firm processes real-time payments across multiple currencies and partners with fintechs to enhance economic infrastructure in emerging regions including Latin America and Africa.

Flow Traders Ltd is a financial technology company operating in the financial markets, using its proprietary technology platform to provide liquidity by quoting bid and ask prices in financial products. It ensures the provision of liquidity to support the uninterrupted functioning of financial markets. The company's core trading focus is on exchange-traded products (ETPs), enabling investors to buy and sell ETPs by quoting bid and ask prices under virtually all market circumstances and also has expanded into fixed income, commodities, digital assets, and foreign exchange. The company's reportable segments are; Europe which generates key revenue, the Americas, and Asia.