Fintech

BNP Paribas and JP Morgan back budding FinTech Saphyre in $18.7m Series A funding

JP Morgan and BNP Paribas have backed a highly touted FinTech in a Series A round of $18.7 million, throwing their investment behind Saphyre, a start-up aiming to structure all pre-trade data while eliminating post-trade inefficiencies.

The New Jersey-based outfit digitises all pre-trade data and documents, eliminating redundant manual processes and allowing for secure, expedited access to data throughout the trade lifecycle.

Saphyre claims it allows firms not only to assess risk faster and more clearly, but also speed up their onboarding processes and eliminate 70-75% of redundant or inefficient post-trade activities.

Since its launch in 2017, the firm has received 104 issued patents and has been integrated with seven different platforms as part of its interoperability design.

Saphyre said the Series A funding will be used to accelerate its product development initiatives in both its pre- and post-trade offerings, as well as to support its ongoing expansion of interoperability initiatives with a number of other FinTech/vendor solutions in the industry.

“Today’s announcement is a testament to years of hard work and the development of a best-in-class suite of products,” said Gabino Roche, Saphyre’s CEO and founder.

“This funding will accelerate the rollout of our firm’s offerings and ability to further prove that, in leveraging Saphyre’s patented technology in pre-trade wins, you instantly gain post-trade competitive advantages as well as operational benefits.”

JP Morgan adopted technology from Saphyreto digitise and automate the onboarding process for its securities services business in 2020, while piloting the solution with BlackRock, whereitwasable to digitise the custody account opening workflow – a function that has previously been very paper-based and manually driven.

 “JP Morgan was an early adopter of Saphyre and we’re delighted to continue supporting them on their journey to create market-leading onboarding workflow,” said Naveen TV, managing director, JP Morgan’s Securities Services.

“We believe in driving industry change to enable better collaboration tools for our clients, our peers and ourselves, and Saphyre’s technology is helping do that. We are proud to support Saphyre to further build scale in the industry.”

“Today’s announcement is a testament to years of hard work and the development of a best-in-class suite of products,” said Gabino Roche, Saphyre’s CEO and founder.

Source: https://www.thetradenews.com/bnp-paribas-and-jp-morgan-back-budding-fintech-saphyre-in-18-7m-series-a-funding/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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