AccessFintech has successfully raised $60 million in a Series C funding round which saw a first-time investment from BNY Mellon along with further backing from JP Morgan and Citi.
Additional investment was secured from Bank of America, Goldman Sachs and Dawn Capital.
The latest round follows a $20 million Series B in 2020, which brings the total capital raised by AccessFintech to $97 million since 2018.
AccessFintech is a global data management and custody company looking to transform post-trade operations though its Synergy Network, which allows clients to collaborate across and within organisations. Citi and JP Morgan, after a year-long collaboration with AccessFintech’s Synergy Network, reported a 30% reduction in trade fails and a 76% drop in email traffic for operational processes.
WestCap led this latest funding round and brings experience building and scaling transformational software for capital markets with companies such as BrokerTec and Tradeweb.
AccessFintech said it will use the secured funds to accelerate its growth as it expands its collaborative data management network to additional markets.
Kevin Marcus, partner at WestCap and former president of Ipreo, and Caroline Butler, global head of custody at BNY Mellon will join AccessFintech’s board of directors.
“We are fortunate to fuel our next stage of growth with partners that combine a highly regarded growth VC and global strategic investors,” said Roy Saadon, chief executive of AccessFintech.
“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.”
Over the past year, AccessFintech has formed a number of strategic alliances and collaborations alongside growth of its data collaboration network. In December, Deloitte and AccessFintech announced a strategic alliance to help financial institutions implement digital transformation. Elsewhere, AccessFintech and KPMG collaborated to aid financial institutions with digital transformation.
Following the rapid growth of AcessFintech’s Synergy Network, the firm expanded its asset coverage into the derivatives space. Fabrice Carrier, formerly of JP Morgan, was appointed as the head of its derivatives product line earlier this year.
“We’re excited to support AccessFintech’s growth and expansion,” said Caroline Butler, CEO of custody at BNY Mellon.
“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.”