September 22, 2022
Situational awareness: Time has not taken the edge off Jamie Dimon's dark view of cryptocurrencies. The J.P. Morgan CEO yesterday dubbed the asset class "Ponzi schemes" yesterday during a congressional hearing.
1 big thing: $60M for trading data
AccessFintech, a trading data and workflow collaboration startup for capital markets, has raised $60 million in Series C funding led by WestCap, the company tells Ryan exclusively.
Why it matters: The startup is helping to make trading data less opaque for some of the biggest financial institutions in the world.
How it works: AccessFintech provides over 100 major banks, asset managers and other capital market participants with a platform to access and exchange trading data on a network basis.
- Clients can upload their data in a range of formats, which AccessFintech normalizes so it can be securely shared with their trade counterparties.
- Doing so helps banks and asset managers identify trade exceptions and failed trades, reduce transaction costs, and improve settlement.
- The platform can handle multiple types of transactions, including equities, fixed income, institutional payments, interest rate derivatives, credit default swaps and syndicated loans, according to AccessFintech CEO Roy Saadon.
What they’re saying: “Banks settle with each other on behalf of clients, but they only look at the world through the lens of what’s in their internal systems,” Saadon says. “But everything that goes on down the supply chain is very opaque to the market.”
- He argues that giving the banks better access to data can lower their cost of doing business, create more opportunities to grow, and open up new market opportunities.
Between the lines: AccessFintech has signed up some of the biggest global financial institutions as both clients and investors.
- BNY Mellon and Bank of America participated in the most recent financing round, joining previous investors Dawn Capital, J.P. Morgan, Goldman Sachs and Citi Group.
- The company has raised $97 million since being founded in 2018.