The Luxembourg-based fintech startup HQLAX has closed its series C funding round, led by a new investor, HSBC.

Several of the firm’s existing shareholders re-upped: BNP Paribas, BNY Mellon, Citigroup, Deutsche Börse Group, Goldman Sachs and JP Morgan.

“The funding will fuel the continued development and expansion of the HQLAX distributed ledger technology (DLT) platform and support the growth of its client footprint,” the company on 18 April 2024.

The company uses technology to serve “banks and asset managers active in the global securities finance and repo markets,” and its collateral mobility “platform enables market participants to execute frictionless, precise and real-time transfer of ownership of securities.”

In its press release, Guido Stroemer, CEO of HQLAX, stated that “HSBC is also connecting to our platform, both as an agent lender and as a bank borrower.”

The amount of the series C funding round and the company’s valuation were not disclosed in the announcement, and a HQLAX representatitve told Delano the figures were “confidential”. She said that “HQLAX has a team of 32 people, the majority of which is based in Luxembourg.”

It previously had raised a total of €24.4m over four funding rounds, according to the provider Crunchbase, including a . ING participated in earlier funding rounds.

The firm is based in the House of Startups building in the Gare district.

Updated Friday 19 April at 10:30am, with comments from HQLAX