The CEO of hyped trading startup Algomi is out
Stu Taylor, the CEO of hyped bond trading startup Algomi, has left the firm, according to people familiar with the matter.
Algomi runs the Honeycomb Network, a platform that lets investors see which dealer is best placed to make corporate bond trades happen. The firm has won a bunch of fintech awards, and counts investment from Lakestar, Euronext, AllianceBernstein and S&P Global.
In November, it launched Algomi ALFA, a pre-trade fixed income data aggregation and market surveillance tool for bond investors. That followed Algomi's acquisition of AllianceBernstein's ALFA platform earlier in the year.
But the firm has struggled financially. It lost £15.5 million in the 18 months to December 2016 and ended the year with net liabilities of £6.2 million. Revenues were £9.3 million but the business was pushed to a loss by administrative expenses of £22 million.
This story is developing.