Saphyre, a US-based fintech that uses AI to digitize pre-trade data for asset managers, has secured €17 million in funding from JP Morgan, BNP Paribas and US private equity firm HCAP Partners.
The company aims to enable direct collaboration between counterparties in order to being more efficiency to pre-trade data and activity.
The funding will be used to support product development and the ongoing expansion of its interoperability efforts with a number of other fintechs and vendors, stated Saphyre.
Since launching in 2017, Saphyre has received 104 patents and has been integrated with seven different platforms, stated the company.
JP Morgan adopted technology from Saphyre to digitise and automate the onboarding process for its securities services business in 2020. It worked with BlackRock to digitise its custody account opening workflow.
“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.
©2022 fundsTech
