LONDON & NEW YORK & TEL AVIV, Israel–(BUSINESS WIRE). As lead investor, WestCap brings extensive experience building and scaling capital markets transformation software with companies such as Ipreo, iLEVEL, BrokerTec, Tradeweb and SIMON Markets.
Additional investments were secured from BNY Mellon and Bank of America, with further participation from Series B investors Dawn Capital, JP Morgan, Goldman Sachs and Citi Group. The company’s latest funding round follows a $20 million Series B and brings total capital raised since 2018 to $97 million. The additional funds will be used to accelerate AccessFintech’s growth as it expands its collaborative data management network into more markets. Joining AccessFintech’s Board of Directors are Kevin Marcus, Partner at WestCap and former President of Ipreo, and Caroline Butler, Global Head of Custody at BNY Mellon.
The financing follows the rapid growth of the company. Synergy, AccessFintech’s data collaboration network, has grown to over 100 participants and expanded its asset class coverage to include derivatives and syndicated loans. It has also expanded its securities offering, expanding its lifecycle management through its new claims network and the launch of a pioneering default prediction service. The Synergy Network uses an innovative, cloud-based approach to data retention and management to reduce transaction costs and compress fees through collaboration and expedited workflows, and helps organizations meet regulatory requirements. It is used by a growing number of leading global banks and broker-dealers, custodians and wealth managers.
Roy Saadon, CEO of AccessFintech, said: “We are fortunate to be driving our next phase of growth with partners bringing together a highly respected growth VC and global strategic investors. We share the vision that data is 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 of our investors as we expand into additional markets.”
Kevin Marcus, Partner, WestCap said: “Behind an exceptional leadership team, AccessFintech has established itself as the technology partner trusted to solve long-standing workflow challenges on behalf of the world’s leading financial institutions and create a powerful data collaboration network that delivers tremendous efficiencies drives profits and develops capital pools for its clients. AccessFintech’s sharing and pairing solution is the industry’s answer to complex issues such as CSD regulation and penalty management, pre-matching and the transition to T+1 settlement.”
“We are excited to support AccessFintech’s growth and expansion,” said Caroline Butler, CEO of Custody at BNY Mellon. “The democratization of data between market participants reduces operational friction and associated costs and improves execution, which is critical to our customers and the smooth functioning of capital markets. This latest strategic venture reaffirms our commitment to partnering with leading fintechs and investing in new technologies to transform the wealth management space as we seek to expand and curate a digital ecosystem for clients.”
AccessFintech enables enhanced data sharing and workflow collaboration to evolve the financial industry’s operating model. The focus is on the AccessFintech Synergy Network, a modern and secure collaboration network that enables solutions and decisions in one place. It facilitates data collaboration at scale, providing greater transparency into transactional data and access to benchmarking insights. Synergy’s workflow optimization accelerates and simplifies transactions through digital automation, spreading risk and enabling better, more informed decision-making across organizations and functions. It also offers a broad technology distribution that provides industry-wide connectivity to new technologies and lowers the cost of ownership for everyone. The Synergy Network has built a critical mass of data, participants and solutions with leading financial institutions and processes over a billion transactions each month. For more information, visit accessfintech.com or follow us on LinkedIn or Twitter.
About West Cap
WestCap is a strategic investor and growth capital operator that partners with visionary leaders to build generational companies. WestCap’s team consists of experienced entrepreneurs and company builders who work side-by-side with founders to help businesses scale. WestCap has made notable investments such as Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, GoodLeap, and NYDIG. The company has offices in New York, San Francisco and London. Visit www.WestCap.com for more information.