Saphyre secures $18.5m in Series A from HCAP, J.P. Morgan and BNP Paribas
Trading collaboration platform player, Saphyre, has secured $18.7 million in Series A funding. The round was led by HCAP Partners, with participation from J.P. Morgan and BNP Paribas.
New Jersey, US-based Saphyre uses patented artificial intelligence (AI) technology to structure pre-trade data and eliminate post-trade inefficiencies. The platform enables direct collaboration between multiple financial parties related to the same client. It digitises all pre-trade data and documents, eliminating redundant manual processes, with secure access to data throughout the trade lifecycle.
Since its launch in 2017, Saphyre has received 104 issued patents and its offering has been integrated with seven platforms. The company says it has secured clients comprising thousands of accounts with over $3 trillion in assets under management.
The Series A funding will be used to accelerate Saphyre’s product development in both its pre- and post-trade offerings, as well as to support its ongoing expansion of interoperability initiatives with a number of other fintech and vendor solutions in the industry.
Gabino Roche, Saphyre’s CEO and founder, states: “This funding will accelerate the roll-out of our firm’s offerings and ability to further prove that, in leveraging Saphyre’s patented technology in pre-trade wins, you instantly gain post-trade competitive advantages as well as operational benefits.”
J.P. Morgan was an early adopter of Saphyre. Naveen TV, managing director, J.P. Morgan Securities Services, says: “We believe in driving industry change to enable better collaboration tools for our clients, our peers and ourselves, and Saphyre’s technology is helping do that.”
Saphyre’s platform spans multiple counterparties including asset owners, investment managers, hedge funds, prime brokers, client firms, broker-dealers and custodians. It maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry.
This is intended to allow firms to better assess risk and speed up onboarding processes, gain real-time ready-to-trade statuses per account, and – Saphyre claims – eliminate 70% to 75% of redundant or inefficient post-trade activities.