Foreign currency trading platform developer ParagonEX Ltd. has raised $1.9 million from a strategic investor in the financial industry.
ParagonEX was co-founded two years ago by Haim Toledano, a former development manager at online foreign exchange company Easy Forex Ltd. and an executive at Traiana, Shopping.com, and Memco, all of which achieved impressive exits. His co-founders are Arik Peretz and Saar Pilosof, formerly of Arbel Capital Group Ltd. The company is registered in Bristol, UK, and in the British Virgin Islands, and it has 17 employees at its Israeli R&D center.
Toledano confirmed the report.
ParagonEX's platform functions as software as a service (SAAS), which Toledano says cuts set-up costs for online foreign currency trading. He says that, following the collapse of capital markets, many financial institutions that used to trade in stocks and securities have switched to trading in currencies.
ParagonEX has signed up a number of clients since launching its product four months ago, including UFX Bank of Cyprus, Russian firm Maxiforex, and Israeli firm Galil Forex Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2009
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