Calastone
Calastone operates the world's largest global funds transaction network, connecting 4,500+ financial organisations across 58 markets via blockchain-based infrastructure. It serves fund managers, asset servicers, and distributors with automated order routing, settlement, ETF servicing, and tokenised fund distribution.
- Company typePrivate
- Founded2008
- HeadquartersLondon, United Kingdom
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Calastone does
Calastone operates a global transaction network for the mutual fund industry, connecting over 4,500 financial organisations across 58 markets and processing approximately £300 billion in investment value each month through more than 40,000 trading links. The company serves three primary client segments: fund managers, asset servicers (custodians, fund administrators, transfer agents), and platforms/distributors, providing connectivity that enables automated order routing, settlement, share class conversions, dividend processing, reporting, transfers, ETF servicing, and money market fund automation.
The underlying platform is Calastone's Distributed Market Infrastructure (DMI), a blockchain-based architecture that the company migrated its entire global network onto in May 2019, making it the first major funds network to run on distributed ledger technology. Layered on top of the DMI are core products including Order Routing, Settlements, ETF Servicing, Money Market Services, and (launched in 2025) Tokenised Distribution, which enables on-chain issuance and settlement of fund share classes on Ethereum and EVM-compatible networks such as Polygon. Modular add-ons — Share Class Conversions, Dividends, Reporting, Transfers, and CDSC processing — extend the platform's coverage of the fund lifecycle. Calastone also commercialises the proprietary Fund Flow Index, a market intelligence product built on its transaction data.
Calastone monetises the network through a B2B enterprise model combining subscription-based network/platform fees with transaction-based processing fees, sold primarily through direct enterprise sales and channel partnerships with major financial institutions. Pricing is custom-negotiated rather than publicly disclosed. Headquartered in London and regulated by the UK Financial Conduct Authority, Calastone operates offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, and Sydney. The company was founded in 2008, received an $18 million venture round led by Accel Partners in 2013, was acquired by The Carlyle Group in December 2020, and was acquired by SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) in October 2025 for approximately £766 million ($1.03 billion), at which point it became a wholly owned subsidiary within SS&C's Global Investor & Distribution Solutions division.
Calastone firmographics
Firmographics- Name
- Calastone
- Legal name
- Calastone
- Website
- https://calastone.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Calastone operates the world's largest global funds transaction network, connecting 4,500+ financial organisations across 58 markets via blockchain-based infrastructure. It serves fund managers, asset servicers, and distributors with automated order routing, settlement, ETF servicing, and tokenised fund distribution.
- Ownership category
- akta.pro rank
Calastone industry classification
Industry- Product category
- Fund Distribution and Processing Network
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Blockchain Settlement & Clearing Infrastructure (On-/Off-chain Post-Trade) (FSAGAMAC)
- akta.pro secondary industries
- Interoperability & Integration Middleware (ERP/core banking connectors, messaging, APIs, cross-chain to permissioned) (FSAPAIAL), Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade) (FSAPAIAI)
Keywords
Where Calastone is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices7 records
Markets served
Calastone business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Network/Platform Fees: B2B SaaS model providing funds distribution network infrastructure to financial institutions including fund managers, platforms, and distributors. Fees likely based on transaction volume and network participation.
- Transaction Processing: Revenue generated from processing fund transactions through the network, including order routing, settlements, and other transaction-based services.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels7 records
Calastone product offering
Product offeringCore offering
Calastone operates a global blockchain-based transaction network for the mutual fund industry, connecting over 4,500 financial organizations across 58 markets to automate order routing, settlement, reporting, and tokenized fund distribution. The platform processes over £300 billion in investment value monthly and provides end-to-end fund lifecycle automation including ETF servicing, money market services, and digital asset distribution. Built on a Distributed Market Infrastructure (DMI) migrated to blockchain in May 2019, the network supports 40,000+ trading links.
Product overview
Calastone operates as a platform-plus-modules architecture, centered on the Calastone Network — a blockchain-based distributed market infrastructure (DMI) that forms the foundational layer for all fund transaction processing. The core platform connects over 4,500 financial organisations across 58 markets and processes £300 billion in investment value monthly. Built on this infrastructure are primary solutions including Tokenised Distribution (for on-chain fund share classes), Order Routing (automated electronic fund order transmission), Settlements (post-trade clearing and netting), ETF Servicing, and Money Market Services. These are supplemented by modular add-on capabilities: Share Class Conversions, Dividends, Reporting, Transfers, and CDSC (Contingent Deferred Sales Charge). The Digital Investments sub-brand encompasses broader digital asset strategy. Calastone also publishes the Fund Flow Index, a proprietary market intelligence product analyzing investor flow data. As of October 2025, Calastone is a wholly owned subsidiary of SS&C Technologies Holdings, Inc.
Differentiator
Problem solved
Functional benefit
Products and services
- Tokenised Distribution Blockchain-based fund distribution solution enabling asset managers to tokenise fund share classes, allowing on-chain issuance, trading, and settlement of fund units across distributed ledger networks (Ethereum and EVM-compatible chains including Polygon).
- Order Routing Automated electronic order routing service enabling fund managers, distributors, and asset servicers to send and receive fund orders through Calastone's fully automated network.
- Settlements Automated funds settlement solution facilitating the clearing and settlement of fund transactions, reducing risk and improving efficiency in post-trade processing.
- Money Market Services Specialized services for money market funds covering order processing, automation, and digital distribution, including tokenised money market fund solutions for on-chain treasury management.
- ETF Servicing Comprehensive ETF administration platform for managing and automating the full ETF lifecycle, including primary market operations and distribution. Selected by HSBC for automated ETF lifecycle management.
- Calastone Digital Investments
- Fund Flow Index
- Calastone Network Foundational blockchain-based Distributed Market Infrastructure (DMI) underpinning Calastone's global transaction network, connecting over 4,500 financial organisations across 58 markets with fully automated, secure order routing and settlement capabilities, processing over £300 billion monthly.
Quantifiable outcome
- Processing £300 billion of investment value each month across 4,500+ clients in 58 markets
- +3 more outcomes
Companies that use Calastone
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles3 records
Calastone technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature10 records
Calastone partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship and core.
- Legal & General Asset ManagementflagshipLegal & General Asset Management launched its £50 billion liquidity funds on Calastone's Tokenised Distribution Network. The tokenized share classes are issued on Ethereum and other EVM-compatible networks, enabling authorized investors to buy, hold, and transfer fund shares via digital infrastructure in USD, EUR, and GBP.
- HSBCcoreHSBC selected Calastone ETF Servicing for managing and automating the full ETF lifecycle. Integration enables HSBC to offer comprehensive ETF administration services.
- SchroderscoreCollaboration to explore capabilities of a tokenized investment vehicle for variable capital companies (VCCs). Joint exploration of blockchain-based fund structures.
- MicrosoftcoreStrategic partnership with Microsoft to collaborate on cloud and distributed ledger technology to create innovative solutions for the funds industry. Joint development of blockchain-based infrastructure for fund distribution.
- J.P. Morgan Asset ManagementcorePartnership to introduce automation to money market funds via Morgan Money trading platform. Integration enables automated order processing for J.P. Morgan's money market fund operations.
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
Calastone competitors and assessment
Company assessmentEmerging players
- R3: R3 is an enterprise blockchain software provider whose Corda platform is used by financial institutions for DLT-based workflows. It enables competing fund infrastructure deployments and overlaps with Calastone's Distributed Market Infrastructure technology layer.
- Securitize: Securitize is a digital asset securities platform enabling tokenisation, issuance, and management of regulated securities including funds. It competes with Calastone in the tokenised fund infrastructure layer, though with a different primary go-to-market focus.
- FundsDLT: FundsDLT is a Deutsche Börse-backed blockchain platform for digital fund distribution and processing. It directly competes with Calastone's Tokenised Distribution offering, focusing on DLT-native fund infrastructure.
Broad incumbents
- Northern Trust: Northern Trust is a major global custodian and fund servicer with growing blockchain initiatives (including DLT pilots for fund servicing). It is a broad incumbent with overlapping capabilities in fund administration, custody, and increasingly, digital asset services.
- DTCC: DTCC is the dominant US post-trade market infrastructure provider, with active DLT initiatives (e.g., Project Whitney, tokenisation pilots). It represents a broad incumbent whose digital transformation efforts could overlap with Calastone's settlement and tokenised distribution.
- Euroclear: Euroclear is a major European-based international central securities depository providing settlement, custody, and fund services. Following its acquisition of MFEX, it directly overlaps with Calastone's fund network and post-trade processing business.
- State Street: State Street provides custody, fund administration, and asset servicing to institutional investors, with active blockchain and digital asset initiatives. It competes with Calastone in fund servicing and is investing in DLT-based infrastructure.
- BNY Mellon: BNY Mellon is a leading global custodian and fund services provider with broad DLT and tokenisation initiatives. It overlaps with Calastone's asset servicer customer base and competes in fund administration and digital asset infrastructure.
Direct peers
- Allfunds: Allfunds is a leading B2B fund distribution platform connecting fund managers with distributors globally. It is the most direct competitor to Calastone's order routing and fund network business, operating a similar B2B infrastructure model across the mutual fund industry.
- MFEX (Euroclear): MFEX, now part of Euroclear, is a cross-border fund distribution platform serving asset managers and distributors across Europe and Asia. It is a direct competitor in fund order routing, registry, and distribution connectivity.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks5 records
Key highlights6 records
Customer concentration
Calastone social profiles
Digital presenceCalastone financial estimates
Financial estimateRevenue estimate
Valuation estimate
Calastone leadership team
Management profileNumber of profiles
Profiles26 records
Calastone subsidiaries and ownership
Company hierarchySubsidiaries6 records
Calastone funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Calastone M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Calastone
What does Calastone do?
Calastone operates a global blockchain-based transaction network for the mutual fund industry, connecting over 4,500 financial organizations across 58 markets to automate order routing, settlement, reporting, and tokenized fund distribution. The platform processes over £300 billion in investment value monthly and provides end-to-end fund lifecycle automation including ETF servicing, money market services, and digital asset distribution. Built on a Distributed Market Infrastructure (DMI) migrated to blockchain in May 2019, the network supports 40,000+ trading links.
Is Calastone a public or private company?
Calastone is a private company. It is classified as corporate owned and is currently acquired.
When was Calastone founded?
Calastone was founded in 2008. It employs 101 to 250 people.
Where is Calastone based?
Calastone is headquartered in London, United Kingdom, in the Europe region.
How does Calastone make money?
Two revenue lines are on record. Network/Platform Fees are the primary driver. The others are transaction Processing.
Who are Calastone's main competitors?
Emerging players on record are R3, Securitize and FundsDLT. Broad incumbents are Northern Trust, DTCC, Euroclear, State Street and BNY Mellon. Direct peers are Allfunds and MFEX (Euroclear).
Does Calastone have an API?
No public API is recorded for Calastone.
What industry is Calastone in?
Calastone's product category is Fund Distribution and Processing Network. Its primary akta.pro industry code is FSAGAMAC, Blockchain Settlement & Clearing Infrastructure (On-/Off-chain Post-Trade), with a secondary code of FSAPAIAL, Interoperability & Integration Middleware (ERP/core banking connectors, messaging, APIs, cross-chain to permissioned). Its NAICS code is 522320 and its SIC code is 6199.