Symphony, the US-based secure messaging service backed by internet technology provider Google and several banks, is raising up to $200m at a pre-money valuation above $1bn, TechCrunch reported yesterday.
The Singaporean government, which oversees investment funds Temasek and GIC, is set to take part in the round as a new investor, alongside Symphony’s existing backers.
General Atlantic could also invest in the round, which is expected to be sized at between $125m and $200m, according to the Wall Street Journal.
Founded in late 2014, Symphony has built a platform based on technology acquired from messaging technology company Perzo that enables financiers to communicate with clients and contacts securely.
Symphony’s initial funding comprised $66m supplied by financial services firms Goldman Sachs, BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Jefferies, JPMorgan, Maverick, Morgan Stanley, Nomura and Wells Fargo at the time of its launch.
Google joined existing investors also including venture capital firm Merus Capital as well as banks Natixis, Societe Generale and UBS, and VC fund Lakestar for an October 2015 round sized at more than $100m that, according to the Wall Street Journal, valued Symphony at $650m.
The new funding will be used to build Symphony’s financial services-focused business, for which it recently added features including voice and video chat, and to prepare to move into other areas like government, science and education, with healthcare reportedly a priority.