December2, 2020 – LMAX Group announced today that the Company has entered into an agreement with Silicon Valley Bank (“SVB”) to increase its total Credit Facility from £20 million up to a potential £40 million. This new borrowing facility provides committed funding for a four-year tenor on investment grade terms.
David Mercer, CEO of LMAX Group, said: “LMAX Group has experienced an acceleration in growth during 2020 so we are delighted to have agreed this extended facility with SVB. It is a real vote of confidence in the business and our collective ambitions. We continue to see growth across all our businesses, notably with large institutional clients around the world trading on our execution venues. We believe LMAX Group has a compelling financial profile, which combines scale and rapid growth. This facility gives us the headroom and flexibility to continue investing strategically in the business to broaden our product portfolio and to further extend our exchange technology infrastructure and global distribution capabilities, led by Asia Pacific in 2021.”
Denny Boyle, Managing Director, SVB, added, “LMAX Group has demonstrated remarkable growth and we are pleased to provide this increased facility to support the business’s clear strategic ambitions. We have worked with the management team for more than three years and look forward to continuing to support them in this exciting period of growth and expansion.”
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