Deutsche Bank, Morgan Stanley, US Bank, and Wells Fargo have become the latest supporters of Versana, participating in a $40 million capital raise for the syndicated loan platform.
Founding investors Bank of America, Citi, and JP Morgan are also part of this funding round, which aims to enhance transparency, efficiency, and speed within the $5 trillion syndicated loan market through its digital data platform.
Launched late last year, Versana is the first real-time, multi-tenant solution that centralizes corporate loan data sourced directly from administrative agents’ records. The platform facilitates straight-through processing and scalable growth in the market by providing clarity into loan-level details and lender portfolio positions, allowing participants to transition from outdated manual processes to a self-service model.
The new investors plan to contribute loan data and become key clients of the platform. Mike Weir, US head of loan trading at Deutsche Bank, stated, “The innovation that Versana is bringing to market is exactly what’s needed to increase velocity and spur growth for the entire industry. We are glad to join our peers in this effort to propel the market forward.”
Cynthia Sachs, CEO of Versana, added, “With the addition of our four new investors, we expect to have over 75% of US loan market deals on our platform in real-time, an enormous achievement considering we launched the company only one year ago.”