Sarah Shenton, GS Growth Investor at Goldman Sachs believes that the pandemic has accelerated the widespread adoption of fintech, and this trend can be clearly seen at AccessFintech in terms of new participants and volume on the platform.
AccessFintech is a fintech company that uses technology to evolve the financial industry’s operating model through data & workflow collaboration. Its aim is to transform the model to drive control, transparency, efficiency, and collaboration across the whole financial ecosystem.
AccessFintech has raised $20M (approx €17M) in its Series B round of funding led by Dawn Capital – Europe’s largest VC fund dedicated to B2B software.
Existing investors J.P. Morgan, Citi and Goldman Sachs also participated in this round alongside new investor Deutsche Bank. With this, the company’s total raised capital to date has gone up to $37M (approx €31.4M), since 2018.
The raised funds will be used to fuel the next stage of AccessFintech’s development, to accelerate product innovation, and to continue its go-to-market expansion & extend its partner ecosystem.
Redefining the financial industry
Israeli-based AccessFintech was founded in 2015 by Roy Saadon and Steve Fazio, founders of Traiana Software, which was sold to the British ICAP Group for $247M (approx €210M) in 2007.
AccessFintech has created a technological platform for financial institutions that allows participants to share financial data in order to mitigate risks during trades. The company has created a network of financial institutions (banks, broker-dealers, custodians, and asset managers) that share financial information and regulation of work processes, with a significance on irregularities, distributing data, onboarding vendors, and workflow management.
In simple terms, AccessFintech’s offerings include risk management services for banks and buy-side firms. It helps firms track the trade lifecycle and get a true sense of prioritised risk, across an increasing number of systems.
Since its inception, AccessFintech has already gone live with 5 financial products and is in proof-of-concept or live testing with another 11 products.
Image credits: AccessFintech