TECHNOLOGY

BNP Paribas injects $63m into trading communications platform

Investment follows funding raised in 2014 from Goldman Sachs, Credit Suisse and Deutsche Bank.

By Hayley McDowell hayley.mcdowell@strategic-i.com May 18, 2017 1:00 PM GMT

BNP Paribas has led a $63 million fund raising round in a messaging and communications platform that has previously been backed by Goldman Sachs, Credit Suisse and Deutsche Bank. 

Symphony Communications Services will use the funds to move forward with expansion plans and drive growth in its current and new markets.

The service is used as a replacement for traditional email and voice systems to communicate securely both internally and externally.

The firm raised a total $170 million in 2014, with $66 million coming from a consortium of financial institutions including Bank of America Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JPMorgan, Maverick, Morgan Stanley, Nomura and Wells Fargo.

Olivier Osty, executive head of global markets at BNP Paribas, explained digital transformation is central to the global markets’ strategy at the French investment bank.

“Forming agile partnerships with exciting and innovative companies like Symphony helps us deliver an exceptional service to clients, and remain their partner of choice in a changing world,” he said.

David Gurlé, founder and CEO of Symphony, added the financing is a recognition of the value its customers have experienced using the platform.