HK-based Hillhouse Capital backs $60m investment into US fintech firm Trumid

Hillhouse Capital founder Zhang Lei. Photographer: Paul Yeung/Bloomberg

New York City-based fintech firm and electronic trading platform for corporate bonds Trumid has secured investments from HK-based private equity firm Hillhouse Capital as part of a $60-million funding round.

With the investment, Hillhouse Capital will own a minority stake in Trumid.

Trumid’s existing investors including Singapore Exchange (SGX) and Arbor Ventures also participated in the round.

The growth capital from the transaction will be used to expand Trumid’s US corporate bond business and for protocol and product expansion.

Hillhouse’s strategic partnership further supports Trumid’s existing relationship with Singapore Exchange (SGX) in Asia, the company said in the statement.

Founded in 2014, Trumid claims to bring efficiency to credit trading through data, technology and innovative products. With a client network of over 425 buy-side and sell-side institutions, Trumid has experienced rapid growth in its US corporate bond business.

Trumid Market Center, the company’s electronic trading platform, provides corporate bond market professionals with direct access to liquidity and market intelligence.

“Hillhouse is a fantastic partner for Trumid at this stage of our life cycle,” said Mike Sobel, President of Trumid. “They have a stellar track record of supporting long-term growth and will help us improve and expand for years to come.”

“We have been highly impressed with Trumid’s ability to use data and technology in developing an outstanding corporate bond trading platform,” said Lei Zhang, Founder and CEO of Hillhouse. “We look forward to leveraging our network and operational expertise to help Trumid build out its presence globally.”

Hillhouse Capital, whose portfolio includes prominent firms like Airbnb, Uber, Meituan, Didi, Tencent, WuXi App, last year closed its fourth vehicle, Hillhouse Fund IV, at a record-breaking $10.6 billion.

According to Hillhouse Capital, the oversubscribed vehicle will pursue global opportunities across healthcare, consumer, technology and services sector, with a focus on Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.