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Symphony to expand into new industries with $67 million funding round

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Financial communication platform Symphony has secured $67 million in new funding from a group of global investors as it bids to break into new market segments including insurance, legal, healthcare services and government.

New investors Barclays; Bpifrance, the French investment bank; and CLSA – the first Asia-headquartered institution to join the platform – along with a group of existing investors, participated in the round. This brings Symphony’s total capital raise to date to over $300 million.

“We are excited to support the growth of Symphony with this investment,” says Guy Saidenberg, head of distribution and dtructuring at Barclays. “Symphony’s unique, secure and compliant workflow platform has the potential to drive meaningful transformation in our industry for us and our clients.”

Over the past year, Symphony has grown its global presence significantly, opening offices in Tokyo, Japan; Stockholm, Sweden; and Sophia-Antipolis, Francet.

Initially positioned as a bank-backed alternative to Bloomberg’s chat platform, Symphony is looking to expand into new market segments as an enterprise messaging tool.

“The team at Symphony is revolutionising the way the business world communicates,” says Paul-Francois Fournier, executive director of innovation, Bpifrance. “Symphony has received tremendous interest from every industry for its game-changing technology. We are excited to support Symphony’s next stage of growth, in particular to ensure the success of its new research and development center in Sophia-Antipolis.”

 

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