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Fintech and data services company AccessFintech has completed a US$60 million Series C funding round, led by growth equity firm WestCap.
The funds will be used to accelerate AccessFintech’s growth as it expands its collaborative data management network to additional 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.
AccessFintech’s latest funding round follows a $20 million Series B and brings the total capital raised to $97 million since 2018.
Kevin Marcus, partner at WestCap and former president of capital markets company Ipreo, and Caroline Butler, global head of custody at BNY Mellon, will join AccessFintech’s board of directors.
The funding comes during a period of 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 predictive fails service.
The Synergy Network reduces transaction costs and compress fees through collaboration and accelerated workflows, and helps organisations to meet regulatory requirements.
Roy Saadon, CEO of AccessFintech, says: “We are fortunate to fuel our next stage of growth with partners that combine a highly regarded growth venture capital 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 forward to working with all our investors as we launch in additional markets.”
Caroline Butler, CEO of custody at BNY Mellon, comments: “We are excited to support AccessFintech’s growth and expansion. Democratising 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.”
