BNP Paribas leads $63m funding round for Wall Street messaging outfit Symphony
16 May 2017 | 5328 views | 0
Bank messaging platform Symphony Communication Services is looking to expand into Asia after raising $63 million in a funding round led by BNP Paribas.
Launched in 2015 by a 14-strong consortium of sell-side brokers - including Goldman Sachs, Citi and Deutsche Bank - Symphony is bidding to challenge Bloomberg's dominance as the default messaging medium for traders.
The latest round - smaller than the $100 million rumoured last year - was joined by most existing investors and brings the startup's total funding to $233 million.
Symphony offers collaboration technology for firms and their employees, acting as a replacement for traditional email and voice systems for securely communicating with internal and external teams, sharing documents and conducting meetings.
With the backing of so many of the world's biggest banks, the platform already claims hundreds of thousands of paying users and the new funding will be used to drive growth, particularly in Asia.
David Gurlé, CEO, Symphony, says: "This financing is a recognition of the value our customers have experienced as the Symphony community has grown. Our customers’ desire to make Symphony their central platform and replace legacy tools is an endorsement of the efficiencies brought by an integrated collaboration platform and streamlined workflow."