Binary options provider TechFinancials, a company which includes former Ladbrokes CEO Chris Bell and 888’s former vice president for the Americas Hillel Nissani as directors, has begun trading on London’s Alternative Investment Market (AIM) after raising £3.05m in an initial public offering.

TechFinancials was founded in 2009 as a software developer and provider of trading solutions to online brokers, as well as operator of its own online brokerage.

It began trading on London’s AIM on Monday after successfully raising approximately £3.05m through the issue of 11,304,709 new ordinary shares at a price of 27 pence per share. This gave a market capitalisation for the company of £18.4m.

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