Symphony Communication Services (SCS), a system which was launched back in 2015 by fourteen strong sell-side brokers such as Goldman-Sachs, Deutche Bank, and Citi, is getting ready to battle against the messaging system for traders provided by Bloomberg, which currently reigns in that sector.
While the most recent funding round was under the $100 million mark that came up in rumors last year, the fund currently stands at $233 million due to most investors joining at this stage of the race.
The SCS system is a technological collaboration intended for companies and their employees. It behaves as a replacement for traditional email and voice programs, providing a safe environment for internal and external communication. Receiving the support of major banks around the world has allowed the SCS platform to attract hundreds of thousands of subscribers who pay for the services that it offers. Moreover, this round of funding will encourage the company’s growth, particularly in Asia.
The CEO of SCS, David Gurle, said: “This financing is a recognition of the value our customers have experienced as the Symphony community has grown. Our customers’ desire to make Symphony their central platform and replace legacy tools is an endorsement of the efficiencies brought by an integrated collaboration platform and streamlined workflow”. Given the company’s goal of having clients making its platform the default service, a growing base of paying users points to movement in the desired direction.”