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BNP Paribas Invests in AccessFintech through Series C Funding

by Damian Chmiel
  • AccessFintech has raised $97 million since 2018.
  • The new funds will help expand the collaborative data management network.
AccessFintech
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BNP Paribas Securities Services, the investment bank's post-trade arm, has announced a strategic funding investment in AccessFintech, a financial technology company focused on evolving the operating model of capital markets.

BNP Paribas Joins AccessFintech Funding Round

AccessFintech, BNP Paribas, funding

According to the press release, BNP's division joined the Series C funding round, which WestCap led. Although the transaction amount was not disclosed, AccessFintech reported in September that it had raised $60 million in the funding mentioned above.

Thanks to its investment, the bank will be able to provide its institutional and corporate customers with access to workflow and data tools for shortening settlement cycles. In addition, customers will receive the ability to leverage data from the data collaboration network, dubbed Synergy.

AccessFintech's Synergy lowers transaction costs, reduces the need for collateral and helps with regulatory requirements. The funds raised from BNP Paribas will help accelerate growth and expand the collaborative data management network into new markets.

"This investment is part of our strategy to partner with innovative technology companies to expand and digitalise our offering and give our clients access to the latest technologies. AccessFintech's solutions will provide concrete benefits to our clients – and the industry as a whole – through greater operational efficiency and optimised risk management . We are excited to participate in this initiative and help the financial industry evolve its operating model," Bruno Campenon, the Global Head of Banks, Brokers and Corporates at BNP Paribas Securities Services, said.

As part of the current and previous funding rounds, AccessFintech has raised capital from some of the world's largest banks, including BNY Mellon, Bank of America, Goldman Sachs, Citi and JPMorgan. The financing amounted to $97 million since 2018, not including the BNP Paribas' investment.

Fintech Funding Slowed in 2022

Rising interest rates, lowering risk aversion and broader market turmoil in 2022 translated into a visible slump in fintech funding across Europe and Asia, according to the newest industry data from Innovative Finance. The latest report showed a 30% slump worldwide to $95 billion.

The UK sector proved to be the most resilient to the declines, losing only 8%. The value of 2022 financing on the Island fell from $13.5 billion to $12.5 billion last year. After more than a decade of uninterrupted growth driven by venture capital, the industry has slowed considerably.

"London's fintech industry has consistently proven itself to be both robust and ambitious in the face of economic challenges. As businesses brace for a turbulent 2023, fintech firms can play a vital role. Our industry can and will bounce back quickly, driving growth, job creation and enabling businesses to reach their full potential," Khalid Talukder, the Co-Founder of DKK Partners, said.

BNP Paribas Securities Services, the investment bank's post-trade arm, has announced a strategic funding investment in AccessFintech, a financial technology company focused on evolving the operating model of capital markets.

BNP Paribas Joins AccessFintech Funding Round

AccessFintech, BNP Paribas, funding

According to the press release, BNP's division joined the Series C funding round, which WestCap led. Although the transaction amount was not disclosed, AccessFintech reported in September that it had raised $60 million in the funding mentioned above.

Thanks to its investment, the bank will be able to provide its institutional and corporate customers with access to workflow and data tools for shortening settlement cycles. In addition, customers will receive the ability to leverage data from the data collaboration network, dubbed Synergy.

AccessFintech's Synergy lowers transaction costs, reduces the need for collateral and helps with regulatory requirements. The funds raised from BNP Paribas will help accelerate growth and expand the collaborative data management network into new markets.

"This investment is part of our strategy to partner with innovative technology companies to expand and digitalise our offering and give our clients access to the latest technologies. AccessFintech's solutions will provide concrete benefits to our clients – and the industry as a whole – through greater operational efficiency and optimised risk management . We are excited to participate in this initiative and help the financial industry evolve its operating model," Bruno Campenon, the Global Head of Banks, Brokers and Corporates at BNP Paribas Securities Services, said.

As part of the current and previous funding rounds, AccessFintech has raised capital from some of the world's largest banks, including BNY Mellon, Bank of America, Goldman Sachs, Citi and JPMorgan. The financing amounted to $97 million since 2018, not including the BNP Paribas' investment.

Fintech Funding Slowed in 2022

Rising interest rates, lowering risk aversion and broader market turmoil in 2022 translated into a visible slump in fintech funding across Europe and Asia, according to the newest industry data from Innovative Finance. The latest report showed a 30% slump worldwide to $95 billion.

The UK sector proved to be the most resilient to the declines, losing only 8%. The value of 2022 financing on the Island fell from $13.5 billion to $12.5 billion last year. After more than a decade of uninterrupted growth driven by venture capital, the industry has slowed considerably.

"London's fintech industry has consistently proven itself to be both robust and ambitious in the face of economic challenges. As businesses brace for a turbulent 2023, fintech firms can play a vital role. Our industry can and will bounce back quickly, driving growth, job creation and enabling businesses to reach their full potential," Khalid Talukder, the Co-Founder of DKK Partners, said.

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