Capital markets specialist AccessFintech has closed a $60 million Series C funding round led by WestCap and joined by a host of big banks, including BNY Mellon and Bank of America.
Dawn Capital, JP Morgan, Goldman Sachs and Citi participated in the round, which brings AccessFintech's total funding to $97 million since 2018.
AccessFintech is working to improve the capital markets operating model through data and workflow collaboration via its Synergy network, which now has over 100 participants.
The network has recently expanded its asset class coverage to include derivatives and syndicated loans and has also added to its securities offering by extending its lifecycle management through its new claims network and the launch of a predictive fails service.
Synergy's cloud-based approach to data custody and management reduces transactions costs and compress fees through collaboration and accelerated workflows, and helps organisations meet regulatory requirements, says the vendor.
The new funding will be used to expand the network to additional markets.
Caroline Butler, CEO of custody, BNY Mellon, says: "Democratising data across market participants reduces operational friction and associated costs, and improves settlement, all of which are critical to our clients and the smooth functioning of the capital markets."
Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.