Israeli co AccessFintech raises $17.5m

FinTech Photo: Shutterstock
FinTech Photo: Shutterstock

Four of the world's largest banks invested in the financing round - Citi, Credit Suisse, Goldman Sachs and JPMorgan Chase & Co.

Israeli financial technology company AccessFintech announced today that it has closed a $17.5 million series A financing round with investment from Citi, Credit Suisse, Goldman Sachs and JPMorgan Chase & Co.

The AccessFintech network aggregates business exceptions, and provides risk management and resolution tools, through a framework of prioritization and assignment. All four institutions have been working with AccessFintech on projects to increase market collaboration and reduce operational risk throughout the past year, individually and as a group.

The funding will enable AccessFintech to further invest in its risk and exception management services, expand global account coverage and accelerate uptake within institutions not only in post trade operations, but also areas such as credit monitoring and outsourcer oversight. "Exceptions" are created from business activities such as clearing, confirmations, surveillance and credit monitoring that require an intervention to be resolved. As these exceptions often have a business impact but the severity of which is difficult to determine, AccessFintech provides a layer across the organizations’ systems to evaluate, prioritize, visualize and identify which user interaction is required, and by which firm.

AccessFintech founder and CEO Roy Saadon said, "Our growth has been fueled by solving a real and immediate problem that is hindering the evolution of the financial industry. Our clients have identified that the service needs to be supported from within the industry and are helping provide momentum to reach the entire eco system. Citi, Credit Suisse, Goldman Sachs and JP Morgan have been very supportive customers. First and foremost, we are thrilled and grateful that they see the potential of AccessFintech."

Published by Globes, Israel business news - en.globes.co.il - on December 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

FinTech Photo: Shutterstock
FinTech Photo: Shutterstock
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