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Barclays Supports Expansion of Global Fintech Beacon Platform

September 10, 2018, 07:00 AM
Filed Under: Fintech
Related: Barclays, Fintech

Beacon Platform, Incorporated, a global financial technology company, has closed its Series A funding round, led by PIMCO, as previously announced. Barclays, a leading global investment bank, and Global Atlantic Financial Group, an innovative provider of retirement, life, and reinsurance products, completed the round.

Beacon licenses its developer platform, infrastructure services, and front office applications to institutional clients. Since its launch in 2014, Beacon has established itself as a leader in secure, cloud-based platform technology for the financial services industry. Beacon’s clients include global investment banks, asset managers, insurance companies, and commodities trading firms.

“The Series A funding round represents an important milestone in Beacon’s vision of building the first operating system for finance: an ecosystem where quantitative developers, engineers, data scientists, and front-office users can collaborate and innovate within their own controlled, secure, cloud-based platform environment,” said Mark Higgins, Chief Operating Officer of Beacon Platform, Inc.

“Barclays is excited to support Beacon through this investment as they grow their engineering team and expand the platform’s capabilities. Work to date conducted by our developers and data scientists has demonstrated significant potential for the platform. We look forward to helping further improve these tools as the ability to leverage data and digital assets becomes increasingly important in the financial services industry,” said Guy Saidenberg, Global Head of Distribution and Structuring at Barclays.

“The team at Beacon have been great partners. We look forward to continuing our relationship with them to enhance our insurance and investment analytical capabilities,” said Deva Mishra, Deputy Chief Investment Officer of Global Atlantic Financial Group.

“The investments in our Series A funding round offer a strong validation of Beacon’s business model and our platform’s capabilities. Our investors’ extensive knowledge, experience, and strong relationships will help us enhance our platform and provide innovative products and services to all of our customers,” said Kirat Singh, Chief Executive Officer of Beacon Platform Inc.

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