Symphony is a secure financial messaging service backed and used by 14 of the biggest banks on Wall Street. It is raising up to $200 million in a new round of funding with a pre-money valuation over $1 billion. The funding will come from existing investors, along with a new backer, the government of Singapore via its investment arm (which includes Temasek and GIC). Symphony has plans both to expand its current business serving the finance community. And it also wants to gear up for targeting other verticals, such as healthcare.
Symphony took off as a business in 2014. When the consortium of banks that back it acquired a messaging company called Perzo. The intention was of creating what some have described as a “Bloomberg killer.” This refers to the all-in terminals that Bloomberg makes and licenses to financiers. Bloomberg terminals can be used for short communications, track stocks and watch the world of business news.
Indeed, Bloomberg technology can cost around $25,000 per terminal annually (or lower if you are buying in bulk). Symphony’s pricing is freemium, with its paid tiers costing $15/user/month.
So, the company is looking at other industries that have equally specific needs. Industries that need efficient chat services to speak with colleagues and partners. Healthcare is one area the company is looking to target next. The opportunity could apply to a number of others, from government through to education and science.
Source: TechCrunch (14 Dec)
