MerQube lands $30M Series C to scale cloud-based indexing
MerQube, a San Francisco-based fintech building cloud infrastructure for modern index creation and calculation, has raised $30 million in Series C funding led by 7RIDGE and Deutsche Börse Group. The company says the new capital will support international expansion, product development, and deeper use of AI across its data and index systems.
Passive investing has grown more complex as investors demand indices tied to options strategies, structured products such as autocallables, defined outcome approaches, and intraday rebalancing. MerQube argues many incumbent platforms were built before cloud-native computing and API-first architectures became standard, limiting their ability to support derivatives-linked and real-time index workflows at scale.
Built for options-based and structured-product indices
Founded in 2019 by Vinit Srivastava, Keith Loggie, and Praveen Yalagandula, the company aims to modernize the indexing stack with a cloud-based, API-first platform designed for rules-based strategies that require frequent recalculation. Srivastava previously worked at S&P and has said the idea emerged from seeing index customization outpace the technology used to run many benchmarks.
MerQube reports that roughly $27 billion in assets track indices calculated on its platform. It has found traction in defined outcome ETFs, which use options to cap gains and limit losses, and says it is now the leading index provider in that category in the US. The firm also provides indices for Calamos Investments and its autocallable ETF, CAIE, planned for a 2025 launch.
Expansion plans and competitive landscape
The company previously raised $22 million in a Series B round led by Intel Capital in July 2023. With the new round, MerQube plans to expand into Europe and Asia-Pacific, grow its Garage platform for self-serve index creation, and accelerate AI initiatives. It has FCA authorisation in the UK and will use Deutsche Börse as a strategic partner for European growth.
MerQube is competing in an industry dominated by MSCI, FTSE Russell, S&P Dow Jones Indices, and Nasdaq. It is positioning itself around cloud infrastructure and expertise in derivatives-linked indices, rather than simply offering cheaper index calculation.
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