Symphony, a messaging app that’s been a hit with Wall Street, raises $165M at a $1.4B valuation
Slack’s rapid rise and upcoming IPO are clear signs of the ripe opportunity to be had in the field of enterprise messaging. Today, a startup that’s built a messaging product specifically for the financial services vertical is also proving that out. Symphony, which offers secure messaging and other collaboration tools for bankers and those who work with them, is today announcing that it has raised $165 million. With this round, Symphony’s valuation now tops $1.4 billion.
The funding comes from Standard Chartered and MUFG Innovation Partners (a division of Mitsubishi that makes fintech investments), and also included other (unnamed) current and new investors. Symphony has now raised a very hefty $460 million, with previous backers including Google, Lakestar, Natixis, Societe Generale, UBS, Merus Capital and BNP Paribas, along with a consortium of 14 of the world’s largest investment banks and money managers, including Bank of America, BlackRock, Citibank, Deutsche Bank, Goldman Sachs, HSBC, and JP Morgan.
Notably, its financial backers are all strategic investors in the company: they use Symphony both for internal collaboration as well a channel to communicate with outside partners and integrate data from across their networks in a secure and compliant way.
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