 |
"From the outset one of our most important goals was to democratize the forex market" |
Unlike many of its rivals, Oanda rarely seeks publicity. Despite this, the company has secured a relatively solid reputation and, more important, a loyal client base, since it was founded in 1996. It has now also secured a hefty slice of fresh funding that Michael Stumm, its founder and joint chief executive, says will enable it to expand up and out of its retail client base. Oanda has received a fresh investment of $100 million from a consortium of four venture capitalists led by California-based New Enterprise Associates. The other investors are Legg Mason, T Rowe Price and Cascade Investments, which is Microsoft founder Bill Gates’s private investment vehicle. They join Index Ventures, which led Oanda’s $17 million Series A funding in September 2005.
Oanda declined to reveal what percentage of the company it had sold off but industry sources suggest it was about 20%, suggesting that the company’s valuation is about $500 million. Oanda does not publish its financial results but it is recognized as a lean and efficient company.