Post-trade start-up firm AccessFintech has secured $20 million in a Series B financing round, gaining additional funding from its existing investors along with Deutsche Bank who participated for the first time.
Previous investors JP Morgan, Citi and Goldman Sachs contributed to the round, taking the total raised by AccessFintech to $37 million since 2018.
AccessFintech said it would use the proceeds of the investment to fuel product development, accelerate innovation, and continue its go-to-market expansion and extent its partner ecosystem.
“Partnering with and investing in FinTech firms as well as developing in-house expertise is essential to be at the cutting edge of financial services, as clients seek quicker and simpler electronic applications of previous processes,” said Stephen Bell, global head of FIC and securities services operations at Deutsche Bank. “We are pleased to be co-investing in AccessFintech who have proven experience, creativity and expertise in driving efficiency and solving problems in the context of the global capital markets.”
AccessFintech, which originated from JP Morgan’s FinTech incubator, has onboarded some of the industry’s biggest banks to its post-trade platform since its go-live last year. It recently extended its partnership with JP Morgan to deliver new real-time payment status and workflow solution for its buy-side clients.
“We have been proud supporters of AccessFintech since their origins in our In-Residence programme and are pleased to support the next stage of their growth. We believe in creating better industry collaboration tools for our clients, our peers and ourselves so that the market as a whole can benefit from better efficiencies in post trade processes, and AccessFintech has demonstrated the ability to successfully deliver in the space,” added Richard Gordon, global head of securities services operations, JP Morgan.
The fundraising round was led by Dawn Capital, Europe’s largest venture capital fund dedicated for B2B software. Since launch, AccessFintech has already gone live with 10 financial products and is in proof-of-concept or live testing with another 11 products.
Banks such as Citi, Credit Suisse, Goldman Sachs and JP Morgan have launched in industry-wide collaboration workflow utilising AccessFintech’s global Data Network, focusing on identifying transactions that have failed to be processed, and to significantly reduce them.
“Over the past two years our mission to evolve the financial industry operating model has gained significant traction and it is testament to the energy and skill of our team, the support of our clients and our wider network that we have reached this important milestone,” said Roy Saadon, CEO of AccessFintech. “We are also excited to have worked with JP Morgan, Citi, Goldman Sachs and Deutsche Bank in this round – they are important partners for us in our vision of collaboration to maximise efficiencies across the market.”