Toronto-based Overbond, a platform for digital bond issuance, has raised a $7.5 million seed round from Morrison Financial Services Ltd.
Overbond plans to use the funding to expand its digital primary bond issuance platform. “We look forward to the next phase of working with our clients — investment banks, corporate and government bond issuers and fixed-income investors — to help investment banking and bond issuance transition to a digital approach,” said Vuk Magdelinic, CEO of Overbond.
Overbond initially emerged out of the MaRS FinTech cluster, and has worked out of Communitech in the past. The company’s platform works by bringing all bond market participants — corporate and government dealers, and dealers and investors — into one platform. It also offers Overbond BPS, a cloud-based solution that streamlines dealer-issuer communication and provides advanced market analytics.
“Overbond’s experienced team is making a significant impact in institutional capital markets,” said David Morrison, president of Morrison Financial. “Our investment combined with Overbond’s vision will no doubt have a significant impact on how new bonds are issued.”