Barclays leads Simudyne $6 million funding round
London-based FinTech Simudyne has successfully raised $6 million/£4.6 million in a Series A funding round, which closes today.
Barclays was this round's lead investor, along with Graphene Ventures and Gauss Ventures. Graphene was an early believer in Snap and Lyft, while Gauss backed banking startups Revolut and Tandem. It takes Simudyne's overall investment to a total of $10 million.
The startup specialises in enterprise simulation. Through advanced computational methods, it provides the opportunity for financial institutions to improve their decisionmaking by simulating outcomes, which it says is "the key to radically better decisions."
According to Simudyne, in the last year its revenue has increased by a staggering 600%. This level will allow it to further bolster growth and secure more clients.
“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution,” said Justin Lyon, Simudyne CEO.
“Simulation will be a multi-billion-dollar market within the next five years and we will be best positioned to capitalise on that opportunity.”
Andy Challis, MD of Principal Investments at Barclays, said “Partnering with high-growth FinTech companies like Simudyne is core to our technology strategy.
“As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”
The shortlist for the Prolific North Tech Awards 2019 is out
The winners will be announced on May 8th