Wematch draws Apax Digital growth equity as $2T rides on its platform
What's the deal? Wematch, a technology platform for securities finance and capital markets workflows, has raised growth equity from funds advised by Apax DigitalDealroom has a profile for this one. Try Dealroom →, the growth equity arm of Apax PartnersDealroom has a profile for this one. Try Dealroom →. Existing strategic investors BarclaysDealroom has a profile for this one. Try Dealroom →, Deutsche Börse GroupDealroom has a profile for this one. Try Dealroom →, J.P. MorganDealroom has a profile for this one. Try Dealroom →, and Societe Generale remain shareholders alongside Apax.
What does it do? The London-based company replaces manual trading work — phone calls, chat messages, and spreadsheets — with regulated, auditable infrastructure covering the full life of a trade. Banks and buy-side institutions use it to find counterparties, negotiate terms, execute, and manage lifecycle events in one workflow.
By the numbers: Close to $2 trillion of ongoing notional is now managed on Wematch. Over the past 12 months, the platform handled some $7 trillion of basket substitutions — work that once took hours and now completes in minutes.
What's the money for? Primary capital will fund product development, including data and AI capabilities, plus international growth. Wematch plans to expand in securities lending, buy-side connectivity, and the Americas and Asia-Pacific.
Why now? Securities finance sits at the centre of global capital markets, but its most complex trades stay manual. A single total return swap can reference hundreds of securities, each needing substitutions, resets, and corporate action handling across the trade's life.
What's the endgame? "When we founded Wematch ten years ago, we believed securities finance needed a better way of working," said chief executive officer Joseph Seroussi. The platform operates a regulated multilateral trading facility in Europe and a regulated broker-dealer in the United States.
On completion — expected in Q4 2026, subject to regulatory approvals — the Apax Digital Funds will become Wematch's majority shareholder. The company will continue to operate as an independent platform serving all market participants.
The signal: Backing from a growth equity firm alongside four global banks and an exchange group points to appetite for infrastructure that digitises capital markets' remaining manual corners — a market where trust and regulatory footprint carry as much weight as technology.
Read more: apax.com
Image credit: ehnmark
