Cicada operates the first fully all-to-all electronic trading venue for emerging-market local-currency bonds, starting with Mexico’s $500 billion fixed-income market where roughly 98% of the daily $5–7 billion volume is still voice-traded. The platform offers a modern execution stack featuring a central limit order book, RFQ workflows, and proprietary protocols such as Spread Trading and Double Downs, enabling sophisticated, transparent execution for global buy-side and sell-side institutions. Registered with the SEC as an alternative trading system and a FINRA member broker-dealer, Cicada seeks to level the playing field and strengthen North-South capital flows. A dedicated strategic equity program brings leading Wall Street market makers onto the cap table to anchor early liquidity. Proceeds from its newest round will expand commercial efforts, boost liquidity, broaden product coverage, and deepen integrations with third-party platforms. The company also plans to launch an electronic interest-rate swap execution venue focused on Mexican TIIE, a market averaging $24 billion in daily trading. Continued investment in regulatory, compliance, and risk infrastructure is a priority as the firm scales across additional Latin American markets. The article does not disclose current revenue or user figures.

Total raised

$18M

Funding rounds

3

Latest round

Series A

Latest activity

Feb 2026