Today (Tuesday), Israeli fintech startup AccessFintech, developer of data and workflow management platform between financial institutions, announced the close of a $20 million Series B funding round. The investment was led by Dawn Capital with new investor Deutsche Bank getting in on the action. In addition, the company’s financial giants of existing investors, naming Citi, J.P. Morgan, and Goldman Sachs also participated in the round.
Riding the wave of digital transactions
AccessFintech developed a system based on an aggregator that continuously collects data from different resources and relays it to all parties involved in a specific transaction - banks and financial institutions - alerting to any irregularities. The platform empowers all parties involved in a transaction with a management platform that empowers financial institutions with data-backed, efficient decision-making tools.
The fintech company creates complete transaction management tools that utilize the company’s ‘never resting’ aggregator and its collected database to provide various financial tools for better control over the transaction supply chain.
In a conversation with Geektime, CEO Roy Saadon explains that the company’s platform offers a variety of different financial management features. “Just in July alone, AccessFintech had amassed more than 350 million transaction requests to detect irregularities, monitor, and manage organizational HR processes. The company is definitely trending upwards with round closing,” explains Saadon.
Saadon tells that over the last few months, product usage has gone through the roof, increasing by 2000%, but “easily the end result could have been different.” According to Roy, COVID did have an impact on workflow: “As the banking world moved to remote work, AccessFintech’s product has turned into a vital engine to keep the system functioning.”
Funding round canceled at the 11th hour
In contrast, COVID had a few negative impacts on the process. Saadon explains that the round was originally supposed to close in February, but the COVID crisis halted the deal. With a little bit of luck and a lot of determination, the company was able to recruit different investors: “I do think that this round is even more suitable for the company, though it came with many sleepless nights,” admits Saadon.
AccessFintech was founded in 2016 by CEO Roy Saadon and COO Steve Fazio. Saadon is a serial fintech entrepreneur, who sold his company Triana to ICAP for $247 million in 2007. To date, the company has raised $37 million.
AccessFintech notes that the newly acquired funds will help accelerate development, talent recruitment, expansion into new territories, as well as future collaborations with financial institutions. The company has 75 employees split between its R&D center in Tel Aviv, NYC, and London.