AccessFintech secures $20m Series B
AccessFintech, the fintech company evolving the financial industry operating model through data and workflow collaboration, is pleased to announce the successful completion of its Series B round of $20 million, led by Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software.
Existing investors J.P. Morgan, Citi and Goldman Sachs contributed to the round, and Deutsche Bank has participated for the first time. It brings the total capital raised to date to $37 million since 2018.
AccessFintech will use the proceeds of the investment to fuel the next stage of its development, to accelerate product innovation, and to continue its go-to market expansion and extend its partner ecosystem.
The company has created a network of participants sharing financial data and standardising workflows. Market participants use the network to collaborate on exception resolution, distribute data and onboard vendors to create a complete ecosystem for data and workflow management.
Since launch, AccessFintech has already gone live with 10 financial products and is in proof-of-concept or live testing with another 11 products. The collaboration ecosystem has the participation of many of the leading global banks and broker-dealers, custodians, asset managers and has created workflow partnerships with industry vendors and peers.
AccessFintech CEO Roy Saadon said: “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
“We are thrilled to partner with a firm of the calibre of Dawn Capital who have an exceptional track record in working with fast growing companies in the fintech sector and who fully support our strategy. We are also excited to have worked with J.P. Morgan, Citi, Goldman Sachs and Deutsche Bank in this round – they are important partners for us in our vision of collaboration to maximize efficiencies across the market.”
Mina Mutafchieva, Principal at Dawn Capital said: “AccessFintech’s platform benefits from a new co-operative spirit in institutional financial services and a willingness to take advantage of the opportunities opened up by the latest technologies and resource models.
“We look forward to supporting the team as they continue to scale and accelerate their growth.”
Richard Gordon, Global Head of Securities Services Operations, J.P. Morgan commented: “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.”
Steve Morgan, head of markets operations solutions at Citi, said: “Our partnership with AccessFintech represents another example of Citi’s culture to embrace collaboration with start-up technology firms.
“We are working closely with AccessFintech to help us on our continual drive to provide an exemplary service to our clients by reducing complexity and exceptions as we move towards a fully automated environment.”
Sarah Shenton, Growth Investor at Goldman Sachs added: “The pandemic has accelerated widespread adoption of fintech, a trend clearly seen at AccessFintech in terms of new participants and volume on the platform.
“AccessFintech’s offer has successfully created a shared data network and workflow, enabling more collaborative and efficient exception management. We are delighted to support their development and continued success.”
Stephen Bell, Global Head of FIC and Securities Services at Deutsche Bank said: “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.”