Today HQLAᵡ announced it closed its Series C funding round led by HSBC. The startup didn’t mention the amount or valuation. Many of HQLAᵡ’s existing shareholders participated in the round, including BNP Paribas, BNY Mellon, Citi, Deutsche Börse, Goldman Sachs and JP Morgan.
HQLAᵡ provides a distributed ledger technology (DLT) platform for collateral mobility. When banks want to borrow or lend collateral to other banks, they must wait two days for the securities transfer to settle. Instead with HQLAᵡ, the assets remain at the original custodian and the change of ownership can be logged instantly on the HQLAᵡ digital collateral registry, enabling intraday delivery versus delivery (DvD) at precise times.
Initially HQLAᵡ targeted securities lending, but more recently it has moved into repo, a far larger market. Additionally, it’s expanding to enable collateral mobility for margin requirements.
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