Reactive Markets raises Series A to carry $80B-a-day FX network into equities
What's the deal? Reactive Markets, a London-based provider of ultra-low latency bilateral trading technology, has raised a Series A round led by fintech-focused venture firm 13booksDealroom has a profile for this one. Try Dealroom →. The company said the capital will fund expansion into new asset classes — notably equities — and grow its teams in London, New York, and Singapore.
What does it do? Founded in 2019 by former bank technologists, Reactive connects institutional clients to their trading relationships over a single network. Built first for foreign exchange, it now handles more than $80 billion in daily FX volume across over 60 market makers and nearly 100 institutional clients.
The numbers: Reactive says it is the only firm in a decade to break into the top ten Direct to Client FX operators, and it more than doubled revenue in the eight months to March 2026. No funding amount was disclosed.
What's the endgame? Chief executive Phil Morris said the plan is to bring bilateral liquidity to equities and beyond. "Our ambition is to build the trusted infrastructure for bilateral trading across FX, equities and beyond," he said, adding that the company will keep investing in real-time data and analytics.
Why back it? "The world's leading banks, electronic market makers and hedge funds already trade on Reactive's network," said Michael McFadgen, partner at 13books. He framed the bet on a market shift "toward disclosed, bilateral liquidity."
The signal: The round is a focused institutional-infrastructure play rather than a consumer-fintech one, and the sector is drawing capital — OpenFX raised a $94 million Series A in April for cross-border FX and settlement, though its business is distinct from Reactive's. Without a disclosed amount, the round's scale is hard to gauge, but moving a proven FX network into the fragmented global equities market is the clearest measure of investor conviction.
Read more: reactivemarkets.com
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