Credit Suisse Asset Management’s NEXT Investors has led a $21m Series A funding round for fintech growth equity group MayStreet.

Using the infusion, MayStreet aims to ramp up its growth through the globalisation of its market data infrastructure platform across asset classes.

It also plans to use the funds for developing its product line-up and expanding its sales and marketing presence.

As part of the deal, NEXT Investors co-head and portfolio manager Greg Grimaldi gained a seat on the MayStreet board.

Market data industry veteran Rishi Nangalia will also now sit on the MayStreet board.

Grimaldi noted: “The ability to efficiently leverage market data enterprise-wide is clearly becoming more and more critical each day, and we believe that MayStreet is incredibly well-positioned to help firms across the capital markets modernise their infrastructure to meet these challenges.”

Established in 2012, MayStreet offers market data infrastructure platform that aims to meet the capital markets data needs of firms with real-time and “near-time” intraday historical data.

Its clientele includes quantitative investment firms, traditional asset managers, trading platform vendors, regulators, and banks.

MayStreet CEO and co-founder Patrick Flannery said: “For firms across our industry –banks, quantitative investment firms, traditional asset managers, trading system vendors, etc. – the race is on to figure out how to most effectively extract value out of the ocean of market data that gets created each day.

“From our standpoint, this is an incredibly exciting problem to solve, which is why we’ve worked so hard these past eight years to develop, in conjunction with some of the world’s most demanding users of market data, a sophisticated platform to do just that.”

NEXT Investors was recently in the news for its acquisition of the product suite and technology consulting practice of NorthPoint, which offers financial software to investment managers.