Deutsche Bank, Morgan Stanley, US Bancorp and Wells Fargo have all invested capital, intend to contribute loan data and will become clients of the platform.
Versana raised a total of $40 million of new equity capital, including follow-on investments from existing investors Bank of America, Citi and JP Morgan.
The fintech firm is attempting to modernise the US syndicated loan market, by addressing its operational inefficiencies and technological fragmentation. It centralises corporate loan data flowing directly from administrative agents’ books and records in real-time.
The platform provides greater transparency into loan level details and lender portfolio positions, supporting straight-through processing and market growth.
The addition of Deustche Bank, Morgan Stanley and Wells Fargo is expected to increase Versana’s future deal coverage for all market participants.
As a leading trustee, particularly for CLOs which comprise 70% of the $5 trillion institutional loan market, US Bancorp is Versana’s first buyside-focused investor.
Versana CEO Cynthia Sachs says: “We now have seven of the top 10 major US agent banks committed to our digital data platform, further validating our scalability and mission to modernise the loan market.
“With the addition of our four new investors, we expect to have more than 75% of US loan market deals on our platform in real-time.”Source: Fintech Futures