Beacon Platform inc., a cloud-based enterprise technology vendor and capital markets software solutions provider, closed a $20 million Series B round of financing led by Centana Growth Partners.
FREMONT, CA: Beacon Platform inc., a NYC-based vendor of cloud-based enterprise technology and capital markets software solutions, closed a $20 million Series B round of financing led by Centana Growth Partners, along with the participation of existing investors including PIMCO and Global Atlantic. Beacon is set to use the new capital to broaden its horizons in both operations and product development.
Since its inception in 2014, Beacon has been topping the list of application development platforms that are designed for capital markets. These platforms enable its customers to safely build, test, and deploy applications in the cloud. The pre-built applications, financial development toolkit, seasoned team of engineers and transparent source code of Beacon enable its clientele to swiftly go-live with apps that span from back-to front-office. The list of customers includes global banks, asset managers, commodity trading firms, and insurers who have saved time and money, enhanced productivity, and developed customized solutions without the engineering effort and cost of building in-house. The company has expanded its user base by more than 150 percent over the past year and has resulted in a noticeable growth in its global client base. The global customer base of Beacon includes the Commonwealth Bank of Australia, Shell New Energies, and SMBC Capital Markets, Inc.
“We believe that by empowering firms with the same kind of enterprise technology platform used by the biggest financial institutions, we can create a stronger and more innovative financial ecosystem,” said Mark Higgins, Co-Founder, and COO of Beacon. “The Series B funding will help us further realize our vision and scale it industry-wide.”
Industry veterans who have working experience with SecDB at Goldman Sachs, Athena at JP Morgan, and Quartz at Bank of America Merrill Lynch are the founding members of Beacon. The platform developed by Beacon is an award-winning design, which empowers developers, quants, data scientists, and business users to scale technology and fulfill business goals.
“Having previously designed, built, and used in-house platforms at the world’s largest financial institutions, I know how tricky it is for firms to buy or build technology that can keep up with the competition,” said Kirat Singh, Co-Founder, and CEO of Beacon.