What it sells
The Smart Market for Institutional Investors
Business model breakdown
Buyer: who owns the budget?
Institutional brokers and buy-side/sell-side trading desks, who route orders to the venue via broker algorithms, routers and DMA suites.
Trigger: what makes them buy now?
Seeking better execution quality and less information leakage and adverse selection than price/time-priority lit and dark venues.
Workflow: what inputs become what output?
Orders reach a dark ATS through existing broker workflows; the venue runs time-randomized auctions 10-20 times per second and matches orders by mathematical optimization of notional price improvement, supporting expressive bidding such as conditionals and pairs.
Economics: what it saves and how it charges
Operates trading venues (US equities ATS via broker-dealer subsidiary, spot FX, Europe MTF planned) earning per-trade fees; claims record average daily matched volume of 326M shares and $29B notional (Aug 4 2026) and $4T+ matched since inception. Fee schedule not published.
Distribution: how it reaches customers
Integration via brokers (all major institutional brokers live), FIX spec and documentation, contact sales.
Funding history and coverage
| Round date | Stage | Amount | Investors | Source |
|---|---|---|---|---|
| — | Y Combinator Summer 2016 | — | Y Combinator | ycombinator.com |
Profiles summarize public reporting and company websites. Business-model notes are MaxBC's reading of that material, not confirmed facts; unknowns are left blank rather than guessed. Updated 2026-10-12.