BNP Paribas has made a strategic investment in AccessFintech, a fintech company that seeks to enhance the capital markets’ operating model through data and workflow collaboration.
The French bank did not disclose how much it is investing in the company through BNP Paribas Securities Services, its post-trade arm.
The investment forms part of the US$60 million Series C funding round announced in September 2022. The funding follows a US$20 million Series B round and brings the total capital raised to US$97 million since 2018.
The latest round was led by WestCap, a private capital and venture capital fund manager that “brings deep experience building and scaling transformational software for capital markets” with companies such as Ipreo, iLEVEL, BrokerTec, Tradeweb and SIMON Markets, according to a press statement. The Series B fund raising was led by Dawn Capital.
AccessFintech has now secured investment from some of the world’s largest financial institutions including J.P. Morgan, Goldman Sachs, Citi, Bank of America and BNY Mellon.
The additional funds will be used to accelerate AccessFintech’s growth as it expands its collaborative data management network to additional markets.
BNP Paribas says its participation in the funding round will enable it to provide corporate and institutional banking clients with the latest technology, data and workflow tools that will shorten settlement cycles.
Clients will also be able to enhance operational efficiency thanks to the use of AccessFintech’s Synergy data collaboration network.
Synergy helps market participants reduce collateral needs and compress transaction costs through data collaboration, accelerated workflows and AccessFintech’s cloud-based approach to data governance and normalization, according to the statement.
Synergy also helps organizations meet regulatory requirements through mutually managed network solutions.