Capitolis Valuation, Funding & Investors
Capitolis is valued at $1.6B as of March 2022.
Last Capitolis valuation
$1.6B
Series D · Mar 2022
Last Capitolis funding round
$36M
Undisclosed stage · Aug 2025
Cumulative funding Capitolis raised
$338M
across 9 funding rounds
Key investors in Capitolis
Citigroup
State Street
Sequoia Capital
Index Ventures
JPMorgan Chase
Spark Capital
About Capitolis
Capitolis is a fintech company founded in 2017 by Gil Mandelzis, Tom Glocer, and Igor Teleshevsky that provides a SaaS platform for portfolio optimization in capital markets. Its technology lets banks and other financial institutions compress balance sheets and reduce initial margin, capital, and funding costs across FX, rates, credit, and other asset classes through multilateral netting. Major global banks use Capitolis both as clients and investors, reflecting the platform's role in improving efficiency and liquidity across the market.
Founded
2017
HQ
United StatesWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.6B (Mar 2022)
Capitolis Valuation
Capitolis is currently valued at $1.6B, based on its Series D in March 2022.
The $110M round was led by 9Yards Capital, Canapi Ventures and SVB Capital, with participation from Index Ventures, Spark Capital, Citigroup, S Capital, Andreessen Horowitz and 3 other investors.
Capitolis valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series D | $1.6B |
Capitolis Funding History
Capitolis has raised a total of $338M across 9 funding rounds.
Capitolis' first fundraising round was a $2M seed round in September 2017. The most recent completed round was a $36M undisclosed-stage round in August 2025.
Capitolis funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2025 | Undisclosed stage | Citigroup; Canapi Ventures; UBS; JPMorgan Chase; Barclays; State Street; BNP Paribas; Morgan Stanley; Greenfield Partners; 9Yards Capital | $36M | - | Capitolis, an Israeli-founded fintech company established in 2017 by Gil Mandelzis, Tom Glocer, and Igor Teleshevsky, develops a SaaS platform for portfolio optimization in capital markets, enabling banks and financial institutions to compress balance sheets, reduce initial margin, capital, and funding costs across FX, Rates, Credit, and other asset classes through multilateral netting and synergies. The platform facilitates portfolio offsetting to minimize regulatory capital for open positions, unlocking capital for increased trading activity, and serves major global banks as both clients and investors. In 2025, Capitolis achieved record-breaking performance, including unprecedented reductions in FX Initial Margin, FX Capital, FX Gross Notional, Rates Initial Margin and Capital (3.5x increase post-Capitalab acquisition), and Credit Initial Margin; it launched innovations like Futures Porting, expanded FX Initial Margin, and Straight-Through Processing for Novation services, expanding its network to buyside and regional banks. On August 6, 2025, Capitolis closed a $56 million strategic financing round, matching the specified investors: new participants Barclays Bank and BNP Paribas, existing backer JP Morgan (noted as JPMorgan), prior investors Citi, Morgan Stanley, State Street Corporation, and UBS Fund Management (from November 2024 commitments), plus VCs Canapi Ventures, 9Yards Capital, and Greenfield Partners who joined its 2022 Series D. This round brings total funding to $350 million, with prior raises including a $110 million Series D at $1.6 billion valuation (not this round). The investments reflect strong strategic alignment, with banks as clients deepening commitments; CEO Gil Mandelzis highlighted business momentum and VC confidence. Capitolis' network growth drives efficiency and liquidity, positioning it as an innovation leader in capital optimization, with heavy investment in its product roadmap to meet surging client demand. |
| Nov 2024 | Undisclosed stage | Citigroup (lead); Morgan Stanley (lead); State Street (lead); UBS (lead) | $20M | - | Capitolis is an institutional trading optimization company providing a SaaS platform for financial resource optimization in capital markets, including its Novations platform for trade novation and Portfolio Optimization businesses. It announced a $20 million strategic investment round from Citi, Morgan Stanley, State Street, and UBS, with each bank investing $5 million; Citi and State Street are existing investors, while Morgan Stanley and UBS are new. The round, led by Citi, adds board representatives from each bank and joins prior investors like Andreessen Horowitz, Index Ventures, Sequoia Capital, and others. Funds will fuel growth in Capitolis’ Capital Marketplace and Portfolio Optimization businesses amid strong momentum in revenue growth, network participation, and new product releases. The company previously raised a $110 million Series D in March 2022 at a $1.6 billion valuation, co-led by Canapi Ventures, 9Yards Capital, and SVB Capital, bringing total funding to around $300 million across multiple rounds. Capitolis employs about 130 people across Israel and the U.S. and has been recognized as one of CNBC’s World’s Top Fintech Companies, World’s Best FX Software Provider by Euromoney, and one of Fast Company’s Most Innovative Companies. In capital markets, Capitolis’ Novations platform hit a record $710 billion in gross notional across 5,659 novated trades in December 2024, up 40% from prior highs, capping its best year. It added three prime brokers, six executing brokers, and eight clients in 2024, with more in 2025, reduced response times by over 60% in 24 months, and saw 7,300 initiated trades in December. Future enhancements include a new UI and amendment capabilities in workflows. |
| Mar 2022 | Series D | 9Yards Capital (lead); Canapi Ventures (lead); SVB Capital (lead); Index Ventures; Spark Capital; Citigroup; S Capital; Andreessen Horowitz; JPMorgan Chase; State Street; Sequoia Capital | $110M | $1.6B | Capitolis is a technology company providing SaaS solutions for financial resource optimization in capital markets, including portfolio optimization, capital marketplace services, SA-CCR optimization, and novations to help institutions reduce risk and improve capital efficiency. On March 22, 2022, it raised $110 million in a Series D round led by 9Yards Capital, Canapi Ventures, and SVB Capital, with participation from Andreessen Horowitz, Citigroup, Index Ventures, J.P. Morgan, S Capital, Sequoia Capital, Spark Capital, and State Street, bringing total funding to around $300 million at a post-money valuation of $1.6 billion. The round supported growth in employee base, which increased 50% by April 2022, and platform adoption, with two-thirds of the largest global banks participating in Q1 2022 SA-CCR optimization exercises. Subsequent developments included a $36 million Series E-II in August 2025 and $20 million strategic investment in November 2024 from Citi, Morgan Stanley, State Street, and UBS, plus the $46 million acquisition of Capitalab in December 2024, achieving $710 billion in gross notional value across 5,659 novated trades that year. |
| Mar 2021 | Series C | Andreessen Horowitz (lead); SVB Capital; Index Ventures; Spark Capital; Citigroup; S Capital; JPMorgan Chase; State Street; Sequoia Capital | $90M | - | Capitolis is a financial technology company founded in 2017 that provides SaaS platforms for capital markets optimization, including portfolio optimization, capital marketplace services, and novations to help institutions reduce risk, improve capital efficiency, and unlock growth by freeing up balance sheet capacity. The company collaborates with global banks, brokers, hedge funds, and asset managers to eliminate unnecessary positions and optimize exposures, having processed $5 trillion in positions for over 50 institutions as of around 2020. Capitolis has been recognized as a top fintech innovator by CNBC, Euromoney, and Fast Company. In March 2021, Capitolis raised $90 million in a Series C funding round led by Andreessen Horowitz, matching the specified investors including Index Ventures, Sequoia Capital, Spark Capital, and others like Citi, JP Morgan, State Street, S Capital, and SVB Capital. The funds were intended to develop products, bolster sales, and expand the team from around 50 to 90 employees that year. Post-2021, Capitolis continued growth with a $20 million strategic investment in late 2021 or early 2022 from Citi, Morgan Stanley, State Street, and UBS to fuel expansion in capital marketplace and portfolio optimization. By 2024, it raised additional funds totaling over $300 million across rounds, employed about 144 people, achieved $710 billion in gross notional value across 5,659 novated trades, acquired Capitalab for $46 million, and secured a €105 million credit facility. |
| Sep 2020 | Series A | Citigroup; JPMorgan Chase; State Street | $11M | - | Capitolis is a SaaS platform for financial resource optimization in capital markets, enabling institutions to free up capital, optimize balance sheet exposures, and eliminate unnecessary positions through collaborative technology. By September 2020, it had eliminated $5 trillion in overall positions for over 50 financial institutions, including major banks, hedge funds, and asset managers. The company secured a strategic $11 million investment from Citi, J.P. Morgan, and State Street around September 10, 2020, reflecting industry support for its platform that drives capital efficiency and trading growth. |
| Nov 2019 | Series B | Spark Capital (lead); SVB Capital (lead); Index Ventures; S Capital; Sequoia Capital | $40M | - | Capitolis is a fintech company that provides a SaaS-based platform for capital markets, enabling banks and financial institutions to optimize positions, execute novations, and access a marketplace for trade management in equities and FX markets. Founded in 2016 by industry veterans including CEO Gil Mandelzis (former EBS BrokerTec CEO), Chairman Tom Glocer (former Thomson Reuters CEO), and Igor Teleshevsky, the company operates from offices in New York, London, and Tel Aviv. On November 20, 2019, Capitolis closed a $40 million Series B funding round led by Spark Capital and SVB Capital, with participation from existing investors Index Ventures, Sequoia Capital, and S Capital. This brought total capital raised to $70 million. Spark Capital's Jeremy Philips joined the board. The funds were intended to support platform expansion, new functionality, product development, sales, and marketing teams. At the time of the round, over 50 financial institutions were live on the Capitolis platform, which had recorded $1.5 trillion in notional transaction volumes since inception. In 2019 alone, notional volumes grew 25x year-over-year. The platform offers products like Novations for position optimization and a Marketplace for real-time partner matching to reduce costs and improve efficiency. Capitolis' technology aims to reshape global capital markets operations, eliminating trillions in notional transactions and delivering resource benefits to leading banks and hedge funds. |
| Mar 2018 | Series A | Index Ventures (lead) | $20M | - | Capitolis is a capital markets technology provider founded in 2017 by Gil Mandelzis (former CEO of EBS BrokerTec), Tom Glocer (former CEO of Thomson Reuters), and Igor Teleshevsky (former executive VP at Traiana), focusing on portfolio optimization, trade compression, and workflow management in equities and FX markets to better distribute capital. In March 2018, the company announced a $20 million Series A round led by Index Ventures with participation from Sequoia Capital, alongside a prior $9 million seed round also led by Sequoia, totaling $29 million raised. The funding aimed to launch initial services and products later that year, build out the team (then 25 employees across New York, London, and Tel Aviv), and capitalize on opportunities in capital markets identified by the experienced management team including Illit Geller and Ben Tobin. Index Ventures partner Jan Hammer highlighted Capitolis's bold vision to rethink market operations, backed by a team with deep fintech experience. The round aligned with Index's prior investments in fintech firms like Adyen, Funding Circle, and Robinhood. Subsequent rounds included a $40M Series B in 2019 led by SVB Capital and Spark Capital, $90M Series C in 2021 led by a16z, and $110M Series D in 2022 at $1.6B valuation co-led by Canapi Ventures, 9Yards, and SVB, bringing total funding to $280M+ by then. Later traction showed optimization of over $13 trillion in trades, serving 100+ institutions, and $60B+ notional transacted. |
| Dec 2017 | Seed | Sequoia Capital (lead); Luis Valdich | $9M | - | Capitolis was founded in 2017 by Gil Mandelzis, Tom Glocer, and Igor Teleshevsky to provide technology solutions for capital markets trade optimization. The company raised a $9 million Seed round led by Sequoia Capital in 2017, with the announcement coming in March 2018. At the time of the fundraise announcement, Capitolis had assembled a 25-person team based in New York City, London, and Tel Aviv. |
| Sep 2017 | Seed | - | $2M | - | - |
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Who has invested in Capitolis?
17 investors have backed Capitolis across its funding rounds, including Citigroup, State Street, Sequoia Capital, Index Ventures, JPMorgan Chase and Spark Capital.
Lead investors include Citigroup, Morgan Stanley, State Street, UBS, 9Yards Capital and 6 other investors.
Capitolis Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Antonio, TX | 5 | Lead | Sep 2020 | |
| Boston, MA | 5 | Lead | Sep 2020 | |
 London | 4 | Lead | Mar 2018 | |
| New York City, NY | 4 | Participant | Sep 2020 | |
| San Francisco, CA | 4 | Lead | Dec 2017 | |
| San Francisco, CA | 3 | Lead | Nov 2019 | |
| San Francisco, CA | 3 | Lead | Nov 2019 | |
 Tel Aviv | 3 | Participant | Nov 2019 | |
| Wilmington, DE | 2 | Lead | Mar 2022 | |
| San Francisco, CA | 2 | Lead | Mar 2021 | |
 Zurich | 2 | Lead | Nov 2024 | |
| New York City, NY | 2 | Lead | Nov 2024 | |
| United States | 2 | Lead | Mar 2022 | |
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Start Free TrialAcquisitions by Capitolis
Capitolis has acquired 2 companies to date.
Last acquisition by Capitolis was on December 3rd 2024. Capitolis acquired Capitalab for $46M.
Latest Acquisitions by Capitolis
| Description | Capitalab is a fintech company delivering margin optimization and options compression solutions for derivatives trading. London-based, it reduces counterparty risk and capital requirements for banks and trading firms through proprietary algorithms and tailored services. Capitalab enhances operational efficiency in cleared and uncleared derivatives markets across Europe. | LMRKTS is a portfolio compression service for derivatives traders, reducing exposures and costs across interest rates, credit, and FX asset classes. London-based, the platform hosts multilateral cycles compressing trillions in notional annually for banks like JPMorgan and hedge funds. LMRKTS earns fees solely on compression savings, processing over 100 rounds yearly via its matching engine integrated with Tradeweb. |
| HQ Country | | |
| HQ City | London | New York City, NY |
| Deal Date | 3 Dec 2024 | 4 Aug 2021 |
| Valuation | $46M | $50M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Capitolis acquisitions and their M&A valuation multiples. Start Free Trial | ||
Capitolis Competitors
Capitolis competitors include listed companies like Shanghai DZH and HCR Co, and private ones like 9fin, TalkingData, Tresata and Qontigo.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
| United Kingdom | Private | - | - | $1.3B | |
 Beijing | Private | - | - | $1.1B | |
| China | Publicly listed | $123M | ($545K) | $2.4B | |
| United States | Private | - | - | $1B | |
 Eschborn | Private | - | - | $3.5B | |
| China | Publicly listed | $75M | ($3M) | $354M |
Capitolis Public Comps
Capitolis is still privately-owned, but its public comps include National Securities, Amplitude, Planisware, Innodata, Red Violet, Clarivate, Business-intelligence, DoubleVerify, Karooooo and Servyou Software Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $159M | $48M | 9.4x | 8.5x | 31.6x | - | |||
| $343M | ($76M) | 4.6x | 4.1x | (21.1x) | 98.8x | |||
| $228M | $78M | 7.3x | 6.7x | 21.5x | 18.4x | |||
| $252M | $47M | 6.8x | 5.2x | 36.6x | 22.7x | |||
| $90M | $24M | 13.2x | 11.7x | 50.0x | 31.7x | |||
| $2.5B | $829M | 2.1x | 2.2x | 6.3x | 5.3x | |||
| $389M | $54M | 6.6x | 5.9x | 47.7x | - | |||
| $748M | $136M | 2.7x | 2.5x | 14.6x | 7.4x | |||
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Common questions about Capitolis
| When was Capitolis founded? | Capitolis was founded in 2017. |
| Where is Capitolis headquartered? | Capitolis is headquartered in United States. |
| Is Capitolis publicly listed? | No, Capitolis is a private, VC-backed company. |
| What is Capitolis' valuation? | Capitolis was last valued at $1.6B in its Series D in March 2022. |
| How much funding has Capitolis raised? | Capitolis has raised $338M across 9 funding rounds. |
| What was Capitolis' last funding round? | Capitolis' last funding round was a $36M undisclosed-stage round in August 2025. |
| Who are Capitolis' investors? | Capitolis' investors include Citigroup, State Street, Index Ventures, JPMorgan Chase, Sequoia Capital, SVB Capital, Spark Capital, S Capital, Canapi Ventures, Andreessen Horowitz and 7 others. |
| Which companies are comparable to Capitolis? | Companies comparable to Capitolis include 9fin, TalkingData, Shanghai DZH, Tresata, Qontigo and HCR Co. |
| How many companies has Capitolis acquired? | Capitolis has acquired 2 companies, including Capitalab and LMRKTS. |
| What was the largest acquisition by Capitolis? | The $50M acquisition of LMRKTS in August 2021 is the largest acquisition Capitolis has made to date. |
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