Israel-born company AccessFintech has raised $20 million in Series B funding to continue expanding its product, market reach and ‘partner ecosystem’. The round was led by Dawn Capital, with additional funding from Deutsche Bank and follow-on investments from J.P. Morgan, Citi and Goldman Sachs.
The partner ecosystem is critical to the AccessFintech product, which is designed to streamline the operations of financial organisations. The company has built a network of participants, sharing financial data and standardising workflows. Market participants use the network to collaborate on exception resolution, distribute data and onboard vendors to create an ecosystem for data and workflow management.
The software provides “a single visual display of the risk of financial transactions in a global sharable view,” according to the company. At the end of last year, Credit Suisse launched the solution internally.
Mina Mutafchieva, Principal at Dawn Capital, cites “an ecosystem ready to adopt SaaS” and “a new co-operative spirit in institutional financial services” as reasons for the startup’s success.
Founded in 2016 with its current headquarters in New York City, the fintech company has raised a total of $37 million in the last two years.