Symphony Communication Services, a US-based communication platform developer backed by internet technology producer Google, secured $63m yesterday in a funding round led by financial services firm BNP Paribas.
The round included a majority of Symphony’s existing investors, it said in a press release, and the funding was closed at a $1bn valuation, sources close to the company told TechCrunch.
Symphony has created a cloud-based messaging platform for businesses that uses customer-owned encryption keys to boost security and applications and bots to streamline and automate workflows.
The platform now has “hundreds of thousands” of paying subscribers, Symphony said, and the technology has been of particular interest to the financial sector.
Olivier Osty, executive head of global markets for BNP Paribas, said: “Digital transformation is central to BNP Paribas Global Markets’ strategy, and collaboration with fintechs is a crucial part of that process.
“Forming agile partnerships with exciting and innovative companies like Symphony helps us deliver an exceptional service to clients, and remain their partner of choice in a changing world.”
Financial services providers BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JP Morgan, Maverick, Morgan Stanley, Nomura and Wells Fargo supplied the initial $66m to launch the company in 2014.
Google subsequently took part in Symphony’s $100m series B round in late 2015, investing alongside financial services firms Natixis, Societe Generale and UBS, venture capital firm Merus Capital, VC fund Lakestar and unnamed existing investors. The round valued Symphony at $650m.
Reports in December 2016 suggested Symphony was gearing up to raise up to $200m at a $1bn+ valuation, in a round that would have included Singaporean government-owned investment firm Temasek and growth equity firm General Atlantic.