Proxymity, the digital investor communications platform developed within Citi’s Institutional Clients Group, announced that it has raised $20.5 million in a strategic round of investment and will form its own entity via a global, industry-led consortium. The consortium brings together the leading global and direct custodians and the leading issuer agents ensuring unparalleled, instant access to the world’s leading investors and companies. BNY Mellon, Citi, Clearstream, Computershare, Deutsche Bank, HSBC, J.P. Morgan, and State Street comprise the newly formed Proxymity consortium.
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These global institutions are committed to delivering Proxymity’s vision of enhancing the investor communications ecosystem and providing significant benefits to the global market. Proxymity’s pioneering services include a real-time and fully transparent electronic proxy voting platform, which is especially valuable amid current remote working arrangements. The platform provides post-meeting vote confirmation and gives investors up to nine more days per meeting to research and vote. Proxymity also offers a shareholder disclosure platform, which automates shareholder ID requests in industry compliant formats without the need for any manual intervention. Given upcoming regulatory changes, these features position Proxymity as an ideal solution to aid financial institutions and compliance teams around the world.
With this investment and commitment from the consortium, Proxymity will significantly scale its platform offerings so that it can deliver its services to a wider client base and across a broad range of geographic markets. The Proxymity team will be based in London. Co-founders Dean Little and Jonathan Smalley, who have over 30 years of combined industry experience in custody product development, have been appointed Chief Executive Officer and Chief Operating Officer, respectively.
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