TradAir Ltd. has raised $4 million in its first financing round from Carmel Ventures and Genesis Partners. The company provides OTC solutions for solutions for foreign currency trading by institutions in emerging markets. It markets the solutions in Israel and abroad.
TradAir chairman is former Bank Hapoalim CEO Zvi Ziv. CEO Illit Geller and COO Ayal Jedeiki founded the company in 2010, and it has already launched its product and is generating revenue. The company will use the proceeds from the financing round to enter new markets and expand its R&D and sales teams.
TradAir has a strategic cooperation agreement with ICAP plc's (LSE: IAP) EBS platform, the world's largest e-broker for foreign currency trading.
Geller said, "The volume of global foreign currency trading has soared in recent years, following the development of technological tools that meet the complex needs of banks and other financial institutions. We're developing solutions to meet the unique needs of financial institutions in emerging markets, which will enable them to operate more efficiently, while reducing the risks from this activity."
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2012
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