BNP Paribas takes part in Series C funding round for AccessFintech
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BNP Paribas takes part in Series C funding round for AccessFintech 09 January 2023France Reporter: Jenna Lomax
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BNP Paribas is to participate in a Series C fund round for AccessFintech, the fintech company headed by Roy Saadon.
The investment is being made by BNP Paribas鈥檚 Securities Services unit, the bank鈥檚 post-trade arm.
The Paris-based banking group indicates that this investment will enable it to provide its corporate and institutional banking clients with the latest technology, data and workflow tools in an effort to shorten settlement cycles.
Clients will also be able to enhance operational efficiency through AccessFintech鈥檚 Synergy data collaboration network, BNP Paribas says.
Synergy helps market participants reduce collateral needs and compress transaction costs through data collaboration, accelerated workflows and AccessFintech鈥檚 cloud-based approach to data governance and normalisation.
Synergy also assists global banks, broker-dealers, custodians, asset managers and hedge funds with regulatory compliance through mutually managed network solutions.
The Series C funding round was led by WestCap. In addition to its Series B fundraising led by Dawn Capital, AccessFintech has now secured investment from the world鈥檚 largest financial institutions including JPMorgan, Goldman Sachs, Citi, Bank of America and BNY Mellon.
Alongside these investors, BNP Paribas鈥檚 participation will be used to accelerate AccessFintech鈥檚 growth as it expands its collaborative data management network to additional markets.
Bruno Campenon, global head of banks, brokers and corporates of Securities Services, at BNP Paribas, says: 鈥淭his investment is part of our strategy to partner with innovative technology companies to expand and digitalise our offering and give our clients access to the latest technologies.
鈥淎ccessFintech鈥檚 solutions will provide concrete benefits to our clients 鈥� and the industry as a whole 鈥� through greater operational efficiency and optimised risk management. We are excited to participate in this initiative and help the financial industry evolve its operating model.鈥�
Roy Saadon, CEO of AccessFintech, comments: 鈥淲e are delighted with the support BNP Paribas is extending to the critical role we provide of trusted data governance infrastructure.
鈥淭he innovation we are delivering in the data collaboration arena is a great complement to BNP Paribas鈥檚 push to drive the market forward. Their understanding of disruptive technology, coupled with our shared vision, will enable AccessFintech to grow and execute the next stage of our development.鈥�
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