Overbond Closes $7.5 million to Expand Its Fintech Platform for Primary Bond Issuance

Overbond Ltd., a Toronto-based cloud platform that connects bond issuers directly with buyers, announced that it has closed a $7.5-million seed funding round led by Morrison Financial Services Limited. The money will be used to enhance platform features and technology solutions that, according to the company, bring transparency, security and efficiency to bond trading. The company recently introduced Overbond BPS, a cloud-based tool that provides timely information and advanced analytics on bond market updates.

Overbond, which launched in January, aims to disrupt bond market trading, where transactions are still handled manually via traditional communications vehicles such as phone and email. According to Canada’s The Globe and Mail, Overbond’s $7.5-million financing ranks among the largest in Canadian history for an early-stage startup. The deal represents a new turn for Morrison Financial, which has traditionally focused on construction and real estate investment.

David Morrison, president of Morrison Financial, said the firm believes that “Overbond’s experienced team is making a significant impact in institutional capital markets.” He expressed confidence that the firm’s investment in Overbond will propel the company into a new phase of attracting fixed-income investors and acquiring big clients.

For more information, please visit http://www.overbond.com