LMAX Group, which provides institutional execution venues for forex and crypto trading, has entered into a fresh agreement with the Silicon Valley Bank, doubling its total credit facility from £20 million up to a potential £40 million.

According to Wednesday’s press release, the fresh borrowing facility will be available for a four-year tenure. The company and the bank have agreed on “investment-grade terms” on the upgraded loan.

LMAX Group has experienced an acceleration in growth during 2020 so we are delighted to have agreed this extended facility with SVB. It is a real vote of confidence in the business and our collective ambitions,” LMAX Group CEO, David Mercer said in a statement.

Riding on the Increasing Institutional Demand

Founded in 2010, LMAX has established itself in both FX and crypto execution markets. The Group operates three major entities: LMAX Exchange, LMAX Global, and LMAX Digital.

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The recent development came as the Group is witnessing strong growth across all its businesses. In the first half of 2020, the Group posted a gross profit of $28.9 million with a 10 percent yearly jump.

The company is now planning for further expansion on all fronts with the newly gained proceeds.

“We believe LMAX Group has a compelling financial profile, which combines scale and rapid growth,” Mercer added. “This facility gives us the headroom and flexibility to continue investing strategically in the business to broaden our product portfolio and to further extend our exchange technology infrastructure and global distribution capabilities, led by Asia Pacific in 2021.”

“LMAX Group has demonstrated remarkable growth and we are pleased to provide this increased facility to support the business’s clear strategic ambitions,” Denny Boyle, managing director at Silicon Valley Bank, said. “We have worked with the management team for more than three years and look forward to continuing to support them in this exciting period of growth and expansion.”