How A London-Based Unicorn Fintech Startup Saw Its U.S. Prospects Diminished By Deutsche Bank

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Algomi is a fintech startup that runs a social network of sorts for bond buyers and other bond market participants. It disseminates information to traders, salespeople, and investors, working with almost 200 buy-side clients, according to Business Insider, and more than 15 investment banks.

Once seen as the next "unicorn" - a term used to describe a startup with no real performance record that is valued or estimated to be valued at more than $1 billion - it had ambitions of making its mark in the U.S., when Deutsche Bank all but stopped using its service in the US.

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Though it continues to use Algomi in Europe, a person familiar with the matter said the bank is evaluating the use of Algomi in the U.S., according to Business Insider.

In addition to having such a high profile client virtually stop using their platform in the U.S., Algomi's head of U.S. business left in November of last year and still hasn't been replaced.

Posted In: FintechStartupsTechAlgomiDeutsche Bank
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