NEW YORK--(BUSINESS WIRE)--Clear Street (“Clear Street”, “the Company”), a New York-based independent prime broker, today announced a $270 million investment from Prysm Capital, a growth equity firm focused on partnering with exceptional management teams building disruptive, generational, and durable companies. The investment is the second tranche of a $435 million Series B funding and values the Company at $2.0 billion.
The funding will support Clear Street’s plans to expand its reach across new markets and asset classes, accelerate future product offerings, increase availability to all market participants, and offer solutions for clients looking to migrate to a single-source platform.
“Our team has made incredible strides since our inception in 2018, and this additional funding is further testament to the value that we bring to our clients,” said Chris Pento, Co-Founder and Chief Executive Officer at Clear Street Group. “Over the past year, the number of institutional clients on our platform increased by 500 percent and our daily transactional volume increased over 300 percent. We’re excited to keep this momentum with support from our continued partnership with Prysm.”
This is the second investment in the Company’s Series B led by Prysm Capital, with support from their diverse institutional investor base, including public pension funds and endowments. It follows the Company’s first tranche of $165 million in May 2022, which included additional investors NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors.
“The Prysm team seeks to invest in disruptive and innovative companies that execute at a premier level, and Clear Street certainly meets those criteria. Clear Street’s cloud-native platform and technology-driven approach address a very real need in capital markets today and truly set them apart from competitors,” said Matt Roberts, Co-Founder & Partner at Prysm Capital. “We have tremendous confidence in Clear Street’s outlook, and look forward to continuing our partnership in the Company’s next phase of accelerated growth.”
In 2022, Clear Street expanded its sales and engineering teams and welcomed Wall Street industry veterans to advance its rapid growth strategy. The company launched capital introduction and repo businesses, enhanced its securities lending capabilities, and updated and refined its client-facing position, risk, operations, and reporting portals.
About Clear Street:
Clear Street is building modern infrastructure for capital markets. Founded in 2018 by industry veterans, Clear Street is an independent, non-bank prime broker working to solve the industry’s most neglected problem: legacy technology. The firm has built a proprietary, cloud-native, clearing and custody system to replace the legacy infrastructure used across capital markets – improving speed, access, and service for its clients. Clear Street’s first product is its equity finance platform, which processes more than $10 billion in trades every day. The firm’s goal is to create a single-source platform to serve all investor types, across all asset classes, globally. For more information visit https://clearstreet.io.
Clear Street does not provide investment, legal, regulatory, tax, or compliance advice. Consult professionals in these fields to address your specific circumstances. These materials are: (i) solely an overview of Clear Street’s products and services; (ii) provided for informational purposes only; and (iii) subject to change without notice or obligation to replace any information contained therein.
Products and services offered by Clear Street LLC, member FINRA and SIPC. Additional information about Clear Street is available on FINRA BrokerCheck (https://brokercheck.finra.org/firm/summary/288933), including its Customer Relationship Summary.
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