The fintech clocked a valuation of $2 billion.

New York-based independent prime broker, Clear Street, has announced a $270m investment from Prysm Capital, which is the second tranche of a $435m Series B funding round. The investment values the company at $2.0 billion.

The funding will be used to expand the company’s 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.

The funding will also support Clear Street’s plans to expand its geographic reach, and increase its client offerings. Clear Street’s first product is its equity finance platform, which processes more than $10 billion in trades every day.

Clear Street’s cloud-native platform and technology-driven approach have addressed a real need in capital markets and set it apart from competitors. The company’s proprietary clearing and custody system has replaced the legacy infrastructure used across capital markets, improving speed, access and service for its clients. Clear Street has seen a 500% increase in institutional clients on its platform over the past year, and daily transactional volume has increased over 300%.

The investment is the second in the company’s Series B funding round led by Prysm Capital, with support from their diverse institutional investor base, including public pension funds and endowments. Clear Street’s first tranche of $165m was in May 2022, which included additional investors NextGen Venture Partners, IMC Investments, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors.

Clear Street has made substantial progress since its inception in 2018, and the additional funding is a nod to that growth. The company has expanded its sales and engineering teams, appointed Wall Street industry veterans to advance its high growth strategy, and launched capital introduction and repo businesses.

Clear Street also enhanced its securities lending capabilities, and updated and refined its client-facing position, risk, operations, and reporting portals.

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