LONDON and GENEVA, Sept. 21 /PRNewswire/ -- Index Ventures, a leading venture capital firm based in Europe, today announced a solo $17 million investment in OANDA, an innovator for global currency trading. OANDA has been profitable since it launched FXTrade, the world's first end-to-end, fully-automated currency trading platform in 2001. OANDA offers the lowest spreads in the online Forex market and will use its venture capital funding to further extend its market position and reach. Following the recently announced sale of Skype to eBay, Index is again backing an innovative company determined to redefine an established market for services -- the global market for foreign exchange. Both Danny Rimer and Bernard Dalle, General Partners at Index Ventures will be members of the board, following this deal. "We are very excited to invest in OANDA. It has the best technology platform we've seen in the space, a very compelling service and an excellent team supporting an innovative business model. We believe that OANDA will do for global currency trading what E*TRADE did for stock trading in the 1990's," said Danny Rimer, General Partner at Index Ventures. "We are very happy to have Index Ventures as partner as they have a successful history of financing disruptive businesses such as Skype, Betfair and MySQL and OANDA has been a disruptive force for the financial community since it's inception in 2001," said Michael Stumm, president of OANDA. "With Index' support, we hope to expand our reach and continue to lead the market with innovative online currency trading solutions." About OANDA OANDA Corporation is a pioneer in Internet-based currency trading and a global leader in currency localization and information services. With one of the world's largest historical high frequency, filtered currency databases, OANDA was the first to offer a broad range of currency exchange rate information free of charge to the general public over the Web in 1995. OANDA became an Internet-based business-to-business application provider (ASP) in 1997 and currently services over 75,000 ASP clients globally while to date, OANDA has closed over 72 million transactions. With FXTrade, OANDA was one of the first to bring a fully automated currency trading system to the Web in early 2001. The OANDA FXTrade system offers retail and institutional clients a cutting-edge platform that provides competitive, real-time access to the foreign exchange market. The company is headquartered in New Yorkwith offices in Torontoand Zurich. For more information about OANDA and its services, please visit www.OANDA.com. OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). About Index Ventures Index Ventures is a leading European venture capital firm active in technology venture investing since 1996. The firm is dedicated to helping top entrepreneurial teams both in the Life Science and Information Technology sectors build their companies into market defining global leaders. Index Ventures has a dedicated investment team who are consistently seeking out companies with products and services that drive the transformation of their industries. Index's company building approach, which allows each portfolio entrepreneur to leverage the experience, strategic cross-Atlantic relationships and resources of the entire partnership, has subsequently resulted in a portfolio of some of the most dynamic companies in the information technology and life science industry today. The firm has offices in Geneva, London and Jersey and focuses its investment activity primarily on Europe and Israel. Life science investments include Genmab, Hamilton, BioXell, Parallele Biosciences and 7TM. Information technology investments include Betfair, now the world's largest betting exchange; Virata, (acquired by Conexant) a world leader in DSL and other communication chipsets; Skype (global P2P telephony service); MySQL (the world's most popular open source database); and KVS (email archiving firm recently sold to Veritas). http://www.indexventures.com.
SOURCE Index Ventures