AccessFintech, a data and analytics platform for the financial industry, has received $60m in its Series C funding round.
WestCap, a growth equity firm, served as the lead investor. Other commitments came from BNY Mellon and Bank of America.
Several of AccessFintech’s Series B investors also joined the latest round. These include Dawn Capital, J.P. Morgan, Goldman Sachs and CitiGroup.
With the funds, AccessFintech will expand its collaborative data management network to additional markets.
The data and analytics platform enables improved data sharing and workflow collaboration to improve the financial industry’s operating model.
Its flagship solution is the AccessFintech Synergy Network. This is a collaboration network that allows for resolution and decision-making to be complete from one place. It supports data collaboration and gives greater visibility into transaction data.
It recently added to its securities offering by extending its lifecycle management through its new claims network and the launch of a ground-breaking predictive fails service.
AccessFintech has also recently expanded its asset class coverage to include derivatives and syndicated loans.
Its collaboration network now includes over 100 participants.
Alongside the funding, WestCap partner Kevin Marcus will join AccessFintech’s board of directors. Also joining the board is BNY Mellon global head of custody Caroline Butler.
The company previously raised $20m for its Series B round in late 2020. Since 2018, AccessFintech has raised a total of $97m in capital.
Marcus 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, creating a powerful data collaboration network, driving massive efficiency gains and unlocking pools of capital for its customers.
“AccessFintech’s sharing and pairing solution is the industry’s answer to complex issues such as the Central Securities Depositories regulation and penalty management, pre-matching and the transition to T+1 settlement.”
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