Clear Street, a securities clearing, settlement, and custody infrastructure provider, has raised USD 270 million in an extension to its Series B funding from Prysm Capital. The round values the company at USD 2 billion (up from USD 1.7 billion in May 2022) and brings its total funding up to USD 605 million. Earlier this year, Clear Street also raised an undisclosed sum of funding from IMC Investments.

The company plans to invest the funds in expanding its reach to new markets, asset classes, and product developments, increasing its platform availability to market participants and offering solutions for clients looking to migrate to its platform. 

Clear Street noted that it saw a 500% increase in the number of institutional clients on its platform, while its daily transaction volume rose over 300% over the past year. Its financing balances also rose around 150% over the period. The company further noted that it processes around 2.5% of the gross notional US equities volume (amounting to around USD 10 billion in daily notional trades).

Analyst QuickTake: This funding round makes Clear Street the highest-funded pure-play company in our coverage of investment and financial management infrastructure providers. The company unseats DriveWealth , which has raised around USD 550 million in aggregate funding, and last raised funds in August 2021 .