Securities finance industry news | AccessFintech closes Series C funding round

Fintech and data services company AccessFintech has closed a $60 million Series C funding round led by growth equity firm WestCap.

The funds will be used to accelerate AccessFintech’s growth as it expands its collaborative data management network into more 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.

AccessFintech’s latest funding round follows a $20 million Series B and brings total capital raised since 2018 to $97 million.

Kevin Marcus, Partner at WestCap and former President of capital markets firm Ipreo, and Caroline Butler, Global Head of Custody at BNY Mellon, will join AccessFintech’s Board of Directors.

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The financing takes place during a growth phase for 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 by expanding its lifecycle management through its new claims network and the launch of a predictive outage service.

The Synergy Network reduces transaction costs and compresses fees through collaboration and expedited workflows, and helps organizations meet regulatory requirements.

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Roy Saadon, CEO of AccessFintech, says: “We are fortunate to be driving our next phase of growth with partners that bring together highly respected growth venture capital 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.”

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Caroline Butler, Custody CEO at BNY Mellon, comments: “We are delighted to support the growth and expansion of AccessFintech. The democratization of data between market participants reduces operational friction and associated costs and improves execution, which are critical to our clients 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.”

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