AccessFinTech raises $20mn in Series B funding from big banks

By Pavithra R

New York-based AccessFinTech, an innovative risk management service provider for banks and buy-side firms, has announced that the company has raised a Series B round of $20M, led by Dawn Capital, Europe’s venture capital fund dedicated to B2B software.

The investment round saw participation from new investor Deutsche Bank and existing investors including J.P. Morgan, Citi and Goldman Sachs. The finance has brought the company’s total funding till now to $37 million.
AccessFinTech is planning to use the finance to fuel its next stage of its development, to accelerate product innovation, and to continue its go-to-market expansion and extend its partner ecosystem.

“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,” said Roy Saadon, CEO of AccessFinTech.

AccessFinTech has created a network of participants sharing financial data and standardising workflows. Market participants leverage the network to collaborate on exception resolution, onboard vendors and distribute data to create a complete ecosystem for data and workflow management.

“Partnering with and investing in fintech firms as well as developing in-house expertise is essential to be at the cutting edge of financial services, as clients seek quicker and simpler electronic applications of previous processes. 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,” said Stephen Bell, Global Head of FIC and Securities Services at Deutsche Bank.

Founded in 2016, AccessFinTech is transforming the financial industry operating model through data and workflow collaboration. The company aims to transform the model to drive control, transparency, efficiency and collaboration across the whole financial ecosystem. Since launch, the FinTech has already gone live with 5 financial products and is in proof-of-concept or live testing with another 11 products.