AccessFintech has announced the completion of a $20 million Series B financing round led by Dawn Capital and with the participation of existing investors J.P. Morgan, Citi and Goldman Sachs and new investor Deutsche Bank. This brings the total capital raised to date by the company to $37 million since 2018.
The fintech company has developed an operating model for the finance industry through data and workflow collaboration.
AccessFintech says it will use the proceeds of the investment for the next stage of its development, to speed up product innovation, and to continue market expansion and extend its partner network.
The company has created a network of participants sharing financial data and standardising workflows. Market participants use the network to collaborate on exception resolution, distribute data and on-board vendors to create a complete ecosystem for data and workflow management.
AccessFintech has already launched 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 has created workflow partnerships with industry vendors and peers.
AccessFintech cofounder and CEO Roy Saadon said: "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."
Published by Globes, Israel business news - en.globes.co.il - on October 6, 2020
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