Algomi is short for Algorithms for Market Intelligence. It is a London-based Fintech company creating trade opportunities between investors and banks carrying out multimillion dollar financial trades. More specifically, Algomi’s Honeycomb network connects those who want to sell with those who want to buy. Prior to the creation of Algomi, this procedure was only possible through speculative phone calls. Although phone calls are still part of the process, Algomi has managed to overcome time-wasting practices through targeted algorithms.

Instead of replacing traders, Algomi focuses on informing and facilitating them in the decision-making process. The human factor is still very important for the company as bond trading continues to run on personal relationships – only 10-15% of bond trades come from e-trading according to recent Fintech reviews.

What is Fintech all about?

Fintech stands for financial technology and describes various emerging start-ups. Today Fintech reviews suggest more than 2000 official start-up companies offer traditional and innovative financial services, though there may be as many as 12,000.

Fintech companies are gradually replacing certain banking services, especially when it comes to payments. There are many reasons for this including the fallout from the global financial crisis, which left behind many trust issues with traditional banks. Alongside this, the availability of mobile devices has reduced the benefits of physical distribution that banks previously enjoyed. Nowadays, smartphones enable safe and fast online payments and personalised customer services. Importantly, there has also been a huge increase in the availability of widely accessible data, which has come at a time when the cost of technology has significantly dropped. All of these reasons have contributed to the success of Fintech companies.

What makes Algomi a thriving Fintech company?

Algomi offers services for both portfolio managers, execution desks and compliance teams through Honeycomb, as well as for banks, through Synchronicity. These online platforms help provide liquidity in the bond market.

Currently, Algomi has 17 banks connected to the Honeycomb network, and more than 240 buy-side firms signed on. The company employs 150 people between London, New York, Hong Kong, Chicago and San Francisco and has also secured capital funding from Lakestar. Most recently, Euronext has made a strategic investment of $10 million to the company.