The award lands at a busy moment for Capitolis. Last week the company confirmed $220 million in new financing, including a $120 million Series E priced at a $1.9 billion valuation. The round was backed by a consortium of major financial institutions: Bank of America, Barclays, BNP Paribas, Citi, J.P. Morgan, Nomura, State Street and UBS. The week before that, Capitolis announced an all-cash agreement to acquire eSecLending for $200 million, a deal the company says will extend its financial resource management capabilities and bring in a larger base of asset-owner clients. The company also recently appointed former Bank of America managing director Murugan Manikam as its chief technology officer.

Capitolis positions itself as a technology layer for balance sheet optimisation. It works with global and regional banks as well as institutional investors to identify and address capital, funding and liquidity constraints, facilitating the redistribution of risk and capital across its network of participants. In practical terms, that means compressing bilateral exposures, netting portfolios and routing risk to counterparties best placed to hold it, thereby freeing up regulatory capital that would otherwise sit idle.

Mandelzis is a serial entrepreneur in the post-trade and markets-infrastructure space. He previously founded Traiana, a post-trade processing company that was acquired by ICAP, later rebranded as NEX Group, for $250 million in 2007. He subsequently led EBS BrokerTec, NEX’s foreign exchange and fixed-income electronic markets business, before founding Capitolis in 2017.

Capital optimisation technology is increasingly central to how large banks manage Basel III and Basel IV constraints, and the segment has attracted a range of specialist providers.

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