Clearing and custody firm RQD has closed a $74 million growth investment led by Bain Capital Tech Opportunities, with participation from Nyca Partners and ABN AMRO, according to the company's announcement. The capital will fund expansion of clearing and custody operations across global markets.
RQD operates as a clearing broker for options and other derivatives. The firm has grown as institutional demand for non-bank clearing infrastructure has increased, particularly among hedge funds and proprietary trading shops looking for alternatives to traditional clearing members. Options trading volume has accelerated in recent years: U.S. average daily notional volume in equity options reached $437 billion in 2024, up 28% from 2023, according to the Options Clearing Corporation.
The funding round comes as major Wall Street institutions prepare infrastructure for tokenized asset settlement. Traditional clearing firms have begun building custody and settlement rails for digital securities, though tokenized trading remains limited in scale. RQD's expansion targets both conventional derivatives clearing and the emerging digital assets market, according to the company's statement.
Bain Capital Tech Opportunities, the growth-stage investment vehicle of Bain Capital, focuses on scaling technology platforms in financial services. The firm has invested in fintech infrastructure plays including payments and lending systems. Nyca Partners, a venture capital firm focused on financial technology, has previously backed clearing and settlement startups. ABN AMRO, a major Dutch financial institution, has invested in fintech infrastructure alongside its own banking operations.
RQD was founded in 2015 and began offering clearing services for options and equity derivatives. The firm serves institutional clients including trading firms, hedge funds, and asset managers. Its backing includes venture investors and strategic banking partners, though the firm has not previously disclosed a valuation.
The $74 million raise represents one of the larger funding rounds for a non-bank clearing infrastructure company in 2026. Venture funding for fintech infrastructure has remained selective after several downturns in 2022 and 2023. Comparable clearing or settlement startups that have closed capital in the past two years have raised smaller amounts.
The document to watch is whether RQD launches a custody offering for tokenized securities within 12 months, which would demonstrate the firm's commitment to the digital assets infrastructure thesis underlying this valuation.
