Capital markets specialist AccessFintech has secured $60 million in a Series C funding round, led by WestCap and supported by several major banks, including BNY Mellon and Bank of America.
Dawn Capital, JP Morgan, Goldman Sachs, and Citi also participated in the round, bringing AccessFintech’s total funding to $97 million since 2018.
AccessFintech aims to enhance the capital markets operating model through improved data and workflow collaboration via its Synergy network, which now boasts over 100 participants. The network has recently broadened its asset class coverage to include derivatives and syndicated loans, and has expanded its securities offering with the introduction of a new claims network and a predictive fails service.
The cloud-based approach of Synergy to data custody and management is designed to reduce transaction costs and lower fees through collaboration and expedited workflows, while also aiding organizations in meeting regulatory requirements, according to the vendor.
The new funding will facilitate the expansion of the network into additional markets. Caroline Butler, CEO of custody at BNY Mellon, commented, "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 capital markets."
In addition, Finextra has announced the launch of its inaugural Financial Cloud Summit, set for 2 March 2023. For more details and to register for the event, please visit the event page here.