Vancouver-based fintech startup Embed secured $60 million from investors in equity and debt as it gears up for product launch later this year.
The company is building a financial infrastructure platform that will allow customers to easily add stock trading to their own products. Its founder and CEO Michael Giles previously led Cash App Investing, a subsidiary of Square, which bought his company Third Party Technologies in 2019.
This round of funding was $20 million in equity and $40 million in a debt facility from TriplePoint Capital, according to a blog post from Giles. Other investors in the round were the Treasury, GFC, Torch Capital, TI Platform Management, PruVen Capital, Fin VC, Bain Capital Ventures and SWS Ventures.
The company has raised a total of $80 million since April. Embed, which rebranded in September from Embedded, has 25 employees across the U.S. and two internationally. Most of the team is concentrated in the Portland-Vancouver metro area, Giles said.
In addition to this funding, Giles announced that the company’s broker-dealer subsidiary Embed Clearing LLC has received clearing and custody approvals from the National Securities Clearing Corp. and the Depository Trust Co. It is also an approved member of the Nasdaq Stock Market. Embed Clearing is registered with the Securities and Exchange Commission and a Financial Industry Regulatory Authority (FINRA) broker-dealer.
“Eighteen months in the making, we have now received all the necessary approvals to execute, clear, settle and custody U.S.-listed equities (stocks & ETFs), entirely through our own proprietary technology infrastructure, for other broker-dealers, registered investment advisers, banks and trust companies,” Giles wrote.
The company is planning to launch with early clients in the fourth quarter.
