JP Morgan has become an investor of a FinTech startup established by the former founder of pre- and post-trade service provider, Traiana.
AccessFinTech was launched last year by Roy Saadon and aims to help banks and asset managers track the trade lifecycle, to gain a sense of prioritised risk across multiple systems.
The risk management platform uses both proprietary and external technologies to create a single display of transactions in a global shareable view.
Further to the investment, AccessFinTech has joined JP Morgan’s In-Residence program, which is designed to help emerging FinTech firms deploy their services to various businesses. It will allow AccessFinTech to test its technology at scale working with the US investment bank.
“We have been tracking AccessFinTech’s product evolution for some time and we think its ability to bring together different parts of the post-trade process into one aggregated view is technology that is long overdue in the industry,” said Lawrence Waller, global head of markets and investor services operations at JP Morgan.
“To progress further, they need the opportunity to work at scale and so they make a very natural fit for our In-Residence program, which encourages success through collaboration and the sponsorship of our senior management.”
The funding round will also be used to expand the company’s client coverage and accelerate the launch of new products and services. Saadon, who is also CEO at AccessFinTech, added the source of funding is key to providing FinTech startups momentum to build out their business.
“JP Morgan has been at the genesis of many successful industry platforms and initiatives, and the In-Residence program is an innovative vehicle for its engagement with FinTechs,” he said.