AccessFintech Secures $20 Million in Series B Financing

By Dan Anderson ● October 9, 2020
  • Fintech-based data and workflow collaboration company AccessFintech announced it has raised $20 million

AccessFintech — a leading fintech company evolving the financial industry operating model through data and workflow collaboration — announced it has raised $20 million in Series B led by Dawn Capital, Europe’s largest venture capital fund dedicated to B2B software. Existing investors JPMorgan, Citi, and Goldman Sachs contributed to the round. And Deutsche Bank has participated for the first time. Including this round, the total capital raised to date is $37 million since 2018.

AccessFintech plans to use the proceeds of the investment to fuel the next stage of its development to accelerate product innovation and to continue its go-to market expansion and extend its partner ecosystem. The company has created a network of participants sharing financial data and standardizing workflows. And market participants use the network to collaborate on exception resolution, distribute data, and onboard vendors to create a complete ecosystem for data and workflow management.

And since launching, AccessFintech has already gone live with 5 financial products and is in proof-of-concept or live testing with another 11 products. The collaboration ecosystem has the participation of many of the leading global banks and broker-dealers, custodians, asset managers, and it has created workflow partnerships with industry vendors and peers.

KEY QUOTES:

“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.”

— Roy Saadon, CEO of AccessFintech

“A unique combination of experienced entrepreneurs, sponsorship of key market participants and an ecosystem ready to adopt SaaS, was an ideal fit for our investment strategy. AccessFintech’s platform benefits from a new co-operative spirit in institutional financial services and a willingness to take advantage of the opportunities opened up by the latest technologies and resource models. We believe AccessFintech is building a unique and critical part of the future infrastructure of capital markets and has already won the endorsement of key market participants. We look forward to supporting the team as they continue to scale and accelerate their growth.”

— Mina Mutafchieva, Principal at Dawn Capital

“We have been proud supporters of AccessFintech since their origins in our In-Residence programme and are pleased to support the next stage of their growth. We believe in creating better industry collaboration tools for our clients, our peers and ourselves so that the market as a whole can benefit from better efficiencies in post trade processes, and AccessFintech has demonstrated the ability to successfully deliver in the space.”

— Richard Gordon, Global Head of Securities Services Operations, J.P. Morgan

“Our aim is to automate post-execution practices, whilst improving our user experience through the use of innovative technology solutions. Our partnership with AccessFintech represents another example of Citi’s culture to embrace collaboration with start-up technology firms. We are working closely with AccessFintech to help us on our continual drive to provide an exemplary service to our clients by reducing complexity and exceptions as we move towards a fully automated environment.”

— Steve Morgan, head of markets operations solutions at Citi

“The pandemic has accelerated widespread adoption of fintech, a trend clearly seen at AccessFintech in terms of new participants and volume on the platform. AccessFintech’s offer has successfully created a shared data network and workflow, enabling more collaborative and efficient exception management. We are delighted to support their development and continued success.”

— Sarah Shenton, Growth Investor at Goldman Sachs

“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.”

— Stephen Bell, Global Head of FIC and Securities Services at Deutsche Bank