Following its busiest month in terms of API calls for its data, Xignite has announced the close of a Series C $20.5 million funding round. The deal was led by Japanese financial information provider, QUICK Corporation, a unit of the Nikkei Group. Also participating in the round were StarVest Partners, Altos Ventures, and Startup Capital Ventures, with Xignite’s total funding raised reaching $37 million.
According to Xignite, the funding will be used to help it scale its sales and marketing as well as expand its product offering. As part of the investment, Atsuyuki Nakajima, QUICK Corporation Managing Director, is joining Xignite’s board of directors.
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Last week, in a separate update from Xignite, the company expressed to Finance Magnates that a major part of its growth is being powered by Asian demand. In this regard, Asia is an important part of the current deal, as in connection with their investments, QUICK Corporation and Xignite are partnering to deliver their financial data products in Asia.
In addition to demand from the Asian region, Xignite also related fintech firms being an area of growth for it. This trend was cited by Stephane Dubois, CEO and founder of Xignite when commenting on the current investment round: “The fintech revolution has only just begun and will sweep all aspects of the financial services industry in the coming years. Financial institutions can no longer afford to operate rigid and proprietary data infrastructures. Fintech innovators continue to put pressure on more traditional financial services companies. These legacy institutions must innovate and simultaneously cut costs if they want to survive and thrive in this new paradigm.”
In regard to Asia and partnering with Xignite, Noboru Yoshioka, QUICK Corporation President and CEO stated: “Asia is the world’s largest fintech frontier and the region is experiencing hyper-growth. We are very pleased to announce that QUICK has partnered with Xignite, one of the most innovative fintech companies in the financial services industry. By combining our experience and leading position in Asia with Xignite’s technology and innovation, we have a unique opportunity to capture the growth in this market.”