Access Fintech announced on Tuesday (April 10) that JPMorgan Chase took part in a round of fundraising.
According to a press release, the U.K. financial technology company said JPMorgan participated in a Series A round, which included other investors. Although terms of the investment were not disclosed, Access Fintech said it follows an initial seed round that was funded privately.
In addition, Access Fintech said it has joined JPMorgan’s In-Residence program, which is aimed at helping emerging FinTechs that are looking to solve real-world problems and bring their products and services to enterprise customers. Participating in this program will enable Access Fintech to test its technology more at scale with both firms collaborating.
“We have been tracking Access Fintech’s product evolution for some time, and we think its ability to bring together different parts of the post-trade process into one aggregated view is technology that is long overdue in the industry,” Lawrence Waller, global head of markets and investor services operations at JPMorgan, said in the press release. “To progress further, they need the opportunity to work at scale, and so they make a very natural fit for our In-Residence program, which encourages success through collaboration and the sponsorship of our senior management.”
Access Fintech’s portfolio of products includes the Business Operations Centre, which provides exception aggregation services, and the Global Exception Network, which it says drives collaboration between parties. According to the company, Access Fintech’s Sandbox is a way for firms to try out new financial technologies without committing and at a much cheaper cost, which reduces the barriers to entry for FinTechs.
Roy Saadon, founder and CEO of Access Fintech, added: “We are thrilled that JPMorgan has added us to their investment portfolio. A strategic source of funding can provide a FinTech company with credibility and market momentum well beyond the pure financial support. JPMorgan has been at the genesis of many successful industry platforms and initiatives, and the In-Residence program is an innovative vehicle for its engagement with FinTechs. We look forward to working with the In-Residence team.”