LMAX Group Revenue, Valuation, Funding & Investors

LMAX Group is valued at $1B as of July 2021, a 5.0x multiple on its last reported $201M revenue.

Last LMAX Group valuation

$1B

Secondary · Jul 2021

LMAX Group revenue

$201M

Secondary · Jul 2021

Key investors in LMAX Group

  • J.C. Flowers & Co.

LMAX Group Overview

About LMAX Group

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.


Founded

2010

HQ

United KingdomLondon

Website

lmax.com

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$201M (Jul 2021)

Valuation

$1B (Jul 2021)

LMAX Group Valuation

LMAX Group is currently valued at $1B, based on its secondary sale in July 2021.

The $300M round was led by J.C. Flowers & Co..

LMAX Group valuation by funding round

LMAX Group valuation by funding round
DateStageValuationRevenue Multiple
Jul 2021Secondary$1B5.0x

LMAX Group Revenue

LMAX Group's latest recorded revenue is $201M, as of its secondary sale in July 2021. At a $1B valuation, that implies a 5.0x revenue multiple.

LMAX Group revenue by funding round

LMAX Group revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2021$201M$1B5.0xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

LMAX Group Funding History

LMAX Group has 1 recorded secondary share sale and no primary funding rounds.

LMAX Group funding rounds

LMAX Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021SecondaryJ.C. Flowers & Co. (lead)$300M$1BLMAX Group is the leading independent operator of institutional execution venues for FX and cryptocurrency trading, operating exchanges globally including LMAX Exchange, LMAX Global, and LMAX Digital. On July 15, 2021, J.C. Flowers & Co. agreed to acquire a 30% stake in LMAX Group for $300 million, valuing the company at $1 billion. This secondary share sale involved LMAX Group employees selling their stakes, with the transaction subject to regulatory approval. The deal positions J.C. Flowers as a partner to accelerate LMAX Group's growth in FX and cryptocurrency markets, particularly in the U.S. and Asia. LMAX Group services funds, banks, asset managers, and retail brokerages in over 100 countries, with matching engines in London, New York, and Tokyo. LMAX Digital, launched in 2018, serves over 500 institutional clients and ranks as the second largest bitcoin exchange globally. The $1 billion valuation represents 20 times LMAX Group's EBITDA over the past 12 months as of July 2021. In the first half of the year, crypto contributed 11% of total volume but up to a third of revenues, with gross profit of $60.5 million recorded in that period.

Who has invested in LMAX Group?

1 investor has backed LMAX Group across its funding rounds, including J.C. Flowers & Co..

Lead investors include J.C. Flowers & Co..


LMAX Group Investors

Investors in LMAX Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by LMAX Group

LMAX Group has acquired 1 company to date.

Last acquisition by LMAX Group was on October 1st 2024. LMAX Group acquired FX HedgePool for $22M.


Latest Acquisitions by LMAX Group

FX HedgePool
Description
FX HedgePool facilitates peer-to-peer matching for institutional FX transactions on its online platform. The service connects banks, hedge funds, and corporates for spot, forward, and swap trades, reducing spreads through algorithmic matching. London-headquartered, it processes billions in monthly volume across major and emerging currency pairs.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date1 Oct 2024
Valuation$22M
EV/Revenue
EV/EBITDA

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LMAX Group Competitors

LMAX Group competitors include listed companies like TP ICAP and Monex Group, and private ones like Ellevest, TradingView, Ajaib and Dune Analytics.

Public and private companies comparable to LMAX Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EllevestUnited StatesNew York City, NYPrivate$17M-$364M-
TradingViewUnited StatesColumbus, OHPrivate--$3B-
TP ICAPUnited KingdomUnited KingdomPublicly listed$3.2B$502M$3.1B0.1x
AjaibIndonesiaJakartaPrivate--$1B-
Dune AnalyticsNorwayOsloPrivate$4M-$1B250.0x
Monex GroupJapanJapanPublicly listed$577M$189M$1.2B3.1x

LMAX Group Public Comps

LMAX Group is still privately-owned, but its public comps include Arzan Financial Group, Ho Chi Minh City Securities, İş Yatırım, Berliner, IIFL Capital Services, Vietcap, Vndirect Securities, Tiger Brokers, Monex Group and Kyobo Securities.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Arzan Financial Group$37M-32.4x---
Ho Chi Minh City Securities$71M($35M)14.8x-(30.5x)-
İş Yatırım$34B$348M0.0x-3.1x-
Berliner$366M$98M3.3x-12.3x-
IIFL Capital Services$207M$55M2.6x-9.9x-
Vietcap$114M$48M7.8x4.4x18.5x-
Vndirect Securities$143M$88M6.1x3.8x9.9x-
Tiger Brokers$612M$284M0.4x0.4x0.9x1.2x

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Common questions about LMAX Group

When was LMAX Group founded?LMAX Group was founded in 2010.
Where is LMAX Group headquartered?LMAX Group is headquartered in London, United Kingdom.
Is LMAX Group publicly listed?No, LMAX Group is a private, VC-backed company.
What is LMAX Group's valuation?LMAX Group was last valued at $1B in its secondary sale in July 2021.
Who are LMAX Group's investors?LMAX Group's investors include J.C. Flowers & Co..
What is LMAX Group's revenue?LMAX Group's latest recorded revenue is $201M (July 2021).
What is LMAX Group's revenue multiple?LMAX Group's latest valuation implies a 5.0x revenue multiple ($1B valuation on $201M of revenue).
Which companies are comparable to LMAX Group?Companies comparable to LMAX Group include Ellevest, TradingView, TP ICAP, Ajaib, Dune Analytics and Monex Group.
How many companies has LMAX Group acquired?LMAX Group has acquired 1 company, including FX HedgePool.
What was the largest acquisition by LMAX Group?The $22M acquisition of FX HedgePool in October 2024 is the largest acquisition LMAX Group has made to date.

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