12 June 2019
SYMPHONY Communication Services, a messaging platform backed and used by Wall Street banks, on Wednesday said it has raised US$165 million in new capital as part of its Series E funding round to bolster growth in Asia.
Standard Chartered and Mitsubishi UFJ Financial Group were added to the existing stable of investors that include Goldman Sachs, JPMorgan, Credit Suisse Group and Morgan Stanley. In a statement, Michael Elanjian, head of digital strategy and fintech, Corporate and Investment Bank, JPMorgan, said the bank has repeated its support for Symphony, with the platform driving “meaningful transformation” in the industry.
The latest funding brings its total capital raised to date by Symphony to more than US$460 million.
The platform allows for secure and compliant messaging in the office and on-the-go among traders, and creates automated workflows for banks. Its messaging system has, in part, been billed as a competitor to the system offered by Bloomberg due to its pricing.
Symphony’s basic communications service starts at US$20 monthly for enterprise clients, a fraction of the thousands of dollars that banks are charged by Bloomberg for access to chat tools bundled with stock price information and news.