Investments

FinTech Startup Capitolis Nets $11M From Major Banks

FinTech

New York-based Capitolis said in a press release that it had completed a funding deal with Citi, J.P. Morgan and State Street. Financial technology (FinTech) startup Capitolis designs and develops software that helps financial institutions (FIs) “optimize their balance sheets, which creates a fairer, safer and healthier marketplace.”

Reuters reported that the latest funding round was for $11 million.

Capitolis said in its release that it will use that new funding “to further accelerate its technology and product development, as well as expand sales and marketing initiatives in the months ahead.”

The latest announcement follows a November funding round of $40 million, led by Spark Capital and SVB Capital, with participation from existing investors Index Ventures, Sequoia Capital and S Capital. That meant that, at the time, the startup had landed $70 million in venture funding all told since it was founded in 2017.

“While we have made great strides over the past three years since starting the company, it is only the beginning of our work in creating a new industry standard through collaboration, innovation and technology,” Capitolis CEO and Founder Gil Mandelzis said in the Sept. 10 release. “There is much more transformation yet to come.”

“We are excited to have three of our trusted partners provide further support for our vision,” added Mandelzis.

Capitolis serves customers in the United States, Israel and the United Kingdom.

“We have been growing supporters of the platform since its inception — and believe Capitolis’ unique approach will play a significant role in enhancing global markets,” said Okan Pekin, global head of securities services at Citi.

“State Street is very pleased to announce this latest investment, which is another significant milestone in our three-year partnership with Capitolis,” said Tobias Krause, head of global markets resource management for State Street.

In other banking news, there continues to be a mismatch with the U.S. Main Street Lending Program, with billions available, but relatively few takers.

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