AccessFintech Raises $60 Million in Series C Led By WestCap
AccessFintech, the leading fintech company evolving the capital markets operating model through data and workflow collaboration, today announced the successful completion of its $60 million Series C funding round, led by WestCap. As the lead investor, WestCap brings deep experience building and scaling transformational software for capital markets with companies including Ipreo, iLEVEL, BrokerTec, Tradeweb and SIMON Markets.
Additional investment was secured from BNY Mellon and Bank of America, with further participation from Series B investors Dawn Capital, J.P. Morgan, Goldman Sachs and Citi Group. The company's latest funding round follows a $20 million Series B and brings the total capital raised to $97 million since 2018. The additional funds will be used to accelerate AccessFintech's growth as it expands its collaborative data management network to additional markets. AccessFintech's Board of Directors will be joined by Kevin Marcus, Partner at WestCap and former President of Ipreo, and Caroline Butler, Global Head of Custody at BNY Mellon.
The funding comes at the heels of rapid growth for the firm. Synergy, AccessFintech's data collaboration network, has grown to include over 100 participants and expanded its asset class coverage to include derivatives and syndicated loans. It has also added to its securities offering by extending its lifecycle management through its new claims network and the launch of a ground-breaking predictive fails service. The Synergy Network leverages an innovative, cloud-based approach to data custody and management to reduce transactions costs and compress fees through collaboration and accelerated workflows, and helps organisations meet regulatory requirements. It is used by a growing number of leading global banks and broker-dealers, custodians, and asset managers.
Roy Saadon, CEO, AccessFintech, said: "We are fortunate to fuel our next stage of growth with partners that combine a highly regarded growth VC and global strategic investors. We share the vision of data being the catalyst for innovation and growth and the critical role AccessFintech plays as an essential provider of trusted data governance infrastructure. We are poised for a period of significant expansion and look forwrd to working with all our investors as we launch in additional markets."
Kevin Marcus, Partner, WestCap, said, "Behind an exceptional leadership team, AccessFintech has established itself as the technology partner trusted to solve long standing workflow challenges on behalf of the world's leading financial institutions, creating a powerful data collaboration network, driving massive efficiency gains and unlocking pools of capital for its customers. AccessFintech's sharing and pairing solution is the industry's answer to complex issues such as the Central Securities Depositories regulation and penalty management, pre-matching and the transition to T+1 settlement."
"We're excited to support AccessFintech's growth and expansion," said Caroline Butler, CEO of Custody at BNY Mellon. "Democratizing data across market participants reduces operational friction and associated costs, and improves settlement, all of which are critical to our clients and the smooth functioning of the capital markets. This latest strategic venture reinforces our commitment to collaborating with leading fintechs and investing in emerging technology to transform the asset servicing space, as we look to expand and curate a digital ecosystem for clients."
AccessFintech enables improved data sharing and workflow collaboration to evolve the financial industry's operating model. At its core is the AccessFintech Synergy Network, a modern and secure collaboration network that allows for resolution and decision-making in one place. It facilitates data collaboration at scale and provides more visibility into transaction data and access to benchmarking insights. Synergy's workflow optimization speeds and simplifies transactions through digital automation, mutualizes risk, and allows for better, more enlightened decision-making across organizations and functions. It also offers broad technology distribution that provides industry-wide connectivity to new technologies, reducing the cost of ownership for all. The Synergy Network has built a critical mass of data, participants and solutions with leading financial institutions and processes over a billion transactions every month. For further information please go to accessfintech.com or follow us on LinkedIn or Twitter.
WestCap is a strategic investor and operator in growth equity that partners with visionary leaders to build generational companies. WestCap's team is comprised of seasoned entrepreneurs and company builders who work side-by-side with founders to help companies scale. WestCap has made notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap and NYDIG. The firm has offices in New York, San Francisco and London. For more information, visit www.WestCap.com.