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Chat service Symphony raises US$63m, builds office in Singapore

Tuesday, May 16, 2017 - 21:17

[NEW YORK] Symphony Communication Services LLC, the maker of a Wall Street online chat service, said on Tuesday it has raised US$63 million in new funding led by French bank BNP Paribas SA.

The latest investment values the messaging service at over US$1 billion, according to a source familiar with the matter. A Symphony spokeswoman declined to comment on valuation.

The round, which will help Symphony expand into new global markets, brings total funding to US$233 million, according to the company.

The Symphony service is a rival to financial market messaging offered by Bloomberg LP and Thomson Reuters Corp, the parent of Reuters News.

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Symphony is looking to expand into Asia, Reuters has reported. The Asian market for messaging technology is dominated by Tencent Holdings Ltd's popular Chinese WeChat app.

Symphony is building a large office in Singapore, where chief executive officer David Gurle has relocated, Reuters has reported.

Symphony was created in 2014 when a consortium of 15 financial institutions led by Goldman Sachs came together in a joint effort to change the way traders communicate.

Symphony has previously raised money from a number of large banks and investors like Google parent Alphabet Inc.

REUTERS

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