US-based financial data-sharing protocol developer AccessFintech closed a $20m series B round yesterday that featured financial services firms JPMorgan Chase, Citi, Goldman Sachs and Deutsche Bank.
The round was led by venture capital firm Dawn Capital and came after the company closed a $17.5m series A round in December 2018 featuring Citi, Credit Suisse, Goldman Sachs and JPMorgan Chase.
Founded in 2015, AccessFintech runs a networking protocol that enables buy-side institutions such as hedge funds to securely exchange data and mutually define asset risks and liabilities through a standardised format.
The company currently has five online services that facilitate collaboration between clients like banks, asset managers and broker-dealers. It will use the series B cash to support the formation of more partnerships and progress a pipeline of 11 products.
JPMorgan initially invested an undisclosed amount in AccessFintech in April 2018 when the startup entered its accelerator, In-Residence, after a seed round backed by unnamed individuals.