US-based financial software supplier Beacon Platform completed its series A round yesterday having raised undisclosed amounts from financial services firm Barclays and insurance provider Global Atlantic Financial Group.
The round was led by Pimco, the investment management firm that provided an undisclosed sum for Beacon in May this year in connection with a strategic partnership. It had received $17m of a planned $19m as of that month, according to a securities filing.
Founded in 2014, Beacon supplies a cloud-based software development platform along with front office applications and infrastructure services that helps financial services providers enhance activities such as data analytics, pricing and risk management.
The company had previously raised $1.5m from a single investor in May 2016, according to an earlier regulatory filing. It will use the latest funding to further develop its core platform.
Guy Saidenberg, Barclays’ global head of distribution and structuring, said: “Barclays is excited to support Beacon through this investment as they grow their engineering team and expand the platform’s capabilities.
“Work to date conducted by our developers and data scientists has demonstrated significant potential for the platform. We look forward to helping further improve these tools as the ability to leverage data and digital assets becomes increasingly important in the financial services industry.”