Ten Coves leads $20.5m growth funding round in Cassini Systems

Steve Piaker, managing partner at Ten Coves, will join Cassini Systems board. 

Ten Coves Capital led a $20.5 million growth funding round in Cassini Systems, which provides pre-and post-trade margin and collateral analytics for derivatives market participants. Existing investor Mosaik Partners participated in the funding. Steve Piaker, managing partner at Ten Coves, will join Cassini Systems board.

Press Release

Cassini Systems, Ltd, a leading provider of pre- and post-trade margin and collateral analytics for derivatives market participants, today announced it has just completed a $20.5 million growth financing round led by Ten Coves Capital and joined by existing investor, Mosaik Partners. The company will use the proceeds to further accelerate its product development and global market expansion.

Regulatory changes enacted after the 2008 global financial crisis continue to drive increased margin requirements and collateral demand for investment managers trading in over-the-counter (OTC) derivatives, futures, options and related products. The Cassini fully integrated platform enables asset managers to assess and optimize the liquidity and carry cost of their diverse trading strategies across the trade lifecycle from pre-trade, to intra-day to post-trade. These tools allow firms to achieve large cost savings while improving resilience to collateral stress.

“This financing is a crucial next step as we continue to scale our operations and add to our global client base, which includes many of the world’s largest banks and asset management firms. With this latest investment, we look forward to deepening and expanding our solutions, and continuing to deliver the world-class service our clients expect,” said Liam Huxley, Cassini founder and CEO.

“Cassini fits perfectly with our strategy of investing in leading fintech companies with a strong platform for growth. The company operates at the intersection of three powerful trends: (i) integrated data and analytics, (ii) liquidity and trading cost optimization in the capital markets, and (iii) regulatory compliance. Its reputation for delivering powerful tools in partnership with providers of some of the world’s leading portfolio and risk management systems positions Cassini to continue to innovate and grow,” said Steve Piaker, Ten Coves Managing Partner.

As part of the investment, Mr. Piaker is joining the Cassini Board of Directors.

The additional investment by Ten Coves and Mosaik follows a year of strong growth by Cassini, including entering into major new strategic partnerships and receiving industry awards for both its products and workplace. The funds will be used to expand the company’s sales force and further broaden the capabilities of its highly sophisticated analytics platform.

Howard Mergelkamp, Managing Partner of Mosaik Partners, added: “The Cassini team has delivered on all fronts since our initial funding in 2018, and we’re delighted to increase our investment alongside Ten Coves.”

About Cassini Systems

Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset; analyze drivers and movement in margin exposure; reduce Initial Margin levels; and maximize margin efficiency with the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit www.cassinisystems.com/.

About Ten Coves Capital

Ten Coves Capital invests in innovative, high-growth fintech companies where its capital, network and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments, the Ten Coves team has helped scale nearly 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit https://www.tencoves.com/

About Mosaik

Mosaik Partners is a Venture Capital firm located in San Francisco. They are an expansion-stage venture capital fund investing in enterprise financial technology companies. These companies transform the way consumers and businesses interact. The company places investors ahead of the curve and provides entrepreneurs the capital, guidance and connections required for success. More information can be found on Mosaik Partners at https://mosaikpartners.com/.