OANDA Corporation, an online foreign exchange platform and provider of currency, has received $100 million (£50 million) from a Series B round of venture capital funding.

OANDA Corporation, an online foreign exchange platform and provider of currency, has received $100 million (£50 million) from a Series B round of venture capital funding.

The consortium is led by New Enterprise Associates (NEA) and includes Legg Mason, Cascade Investment and T Rowe Price. They join existing investor Index Ventures, which led the company’s $17 million Series A investment in September 2005.

Krishna Kolluri, a general partner at NEA who will join the OANDA board of directors, claims that ‘OANDA’s trading platform is technologically the most sophisticated in the industry and was a big reason for our investment’.

OANDA has offices in the US and Canada.