Financial services firms Goldman Sachs, JPMorgan Chase, Citigroup and Credit Suisse have invested $17.5m in AccessFintech, the UK and Israel-based creator of a transaction analysis platform for financial institutions, Reuters has reported.
AccessFintech has built a software platform that helps banks rectify ‘exceptions’, errors that can be caused by discrepancies in data between different parties, by exchanging post-trade information.
The company raised an undisclosed amount of seed funding from private investors before investment banking firm JPMorgan Chase invested an undisclosed sum in April 2018 when AccessFintech joined the bank’s In-Residence accelerator.
All four investors have been working with AccessFintech over the past year, individually and as a group, they said.
Ana Capella, head of strategic investments at JPMorgan, said in a statement: “Once we understood the impact on the operational model of the financial participants it was a quick decision to provide the financial backing.”
