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3 months ago
Wall Street chat service Symphony raises $63 million; valued at $1 billion: source
May 16, 2017 / 1:11 PM / 3 months ago

Wall Street chat service Symphony raises $63 million; valued at $1 billion: source

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016.Andrew Kelly

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

The latest investment values the messaging service at over $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 $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.

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.

Editing by Jeffrey Benkoe

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