By Gina Hall, Silicon Valley Business Journal
Fintech company Xignite raised $20.5 million in funding on Monday to fuel global growth.
Tokyo-based Quick Corp. led the Series C round, with participation from existing investors StarVest Partners, Altos Ventures and Startup Capital Ventures. Atsuyuki Nakajima, managing director at QUICK, will join Xignite’s board of directors as part of the investment. Xignite has raised $37 million to date.
CEO Stephane Dubois founded the San Mateo-based company in 2003 to provide cloud-based market data with real-time website and app intelligence to financial companies. Xignite said it powers over 1,000 customers; clients include Betterment, Currency Cloud, SoFi, Jimubox and 8 Securities.
The company said its bookings grow by over 50 percent over the past year, serving more than 455 billion data requests and demand doubling every 6 months.
“The fintech revolution has only just begun and will sweep all aspects of the financial services industry in the coming years,” Dubois said in a press release. “Financial institutions can no longer afford to operate rigid and proprietary data infrastructures. Fintech innovators continue to put pressure on more traditional financial services companies. These legacy institutions must innovate and simultaneously cut costs if they want to survive and thrive in this new paradigm. This includes the complex, burdensome and costly consumption of financial data.”
In addition to the funding, Xignite and Quick will also partner to deliver Xignite’s cloud-based data solutions in the Asian market. Xignite will use the funds to further scale its sales and marketing efforts and expand its product capabilities.
Source: Silicon Valley Business Journal