BNP Paribas Securities Services plans to adopt the platform in multiple markets, and becomes the ninth major global financial institution to join the Proxymity Consortium
Proxymity, the leading digital investor communications platform, announced that BNP Paribas Securities Services has invested $6 million in its latest Series B fundraising. BNP Paribas Securities Services, one of the world’s largest custodian banks, is the ninth major global financial institution to join the Consortium backing Proxymity.
- Investment extends Series B, its second round of funding, with an additional $6m, bringing the total raised to $37 million
- Proxymity will use funds to further expand the company’s platform in key global markets to deliver digital end to end investor communications
- Original Consortium Investors BNY Mellon, Citi, Computershare, Deutsche Bank, Deutsche Börse, J.P. Morgan, and State Street also participated
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The initial stage of Series B fundraising of $31 million was announced by the company in December 2021, a total invested entirely by existing members of the original consortium. The series was extended to BNP Paribas Securities Services, and this investment is aligned with the purpose and ambitions of the Proxymity team to accelerate market adoption and unlock the benefits of digital investor communications for the whole industry ecosystem.
Since its launch in April 2020, Proxymity has delivered significant growth providing digital access to over 12,000 meetings in over 25 markets worldwide. As announced previously, the company will use the new funds to expand further their product and market footprint, drawing on the platform’s capabilities in delivering digital global investor communications.
Co-founder and CEO Dean Little commented, “We’re delighted to welcome BNP Paribas Securities Services to the Proxymity Consortium. Immediately, this investment enhances our global reach and brings us closer to our vision.” He added “We are now backed by seven of the top ten global custodians, representing over $200 trillion in assets under custody. Together, they are helping to fuel both the international level of interest in Proxymity and supporting our commitment to improving the ecosystem for everyone.”
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Bruno Campenon, Head of the Financial Intermediaries and Corporates Client Line at BNP Paribas Securities Services, said, “Proxymity is changing investor communications by connecting issuers and investors through a transparent, real-time, and efficient digital ecosystem. We at BNP Paribas Securities Services are delighted to be part of this initiative.”
Teresa Afonso, Product Manager, Financial Intermediaries and Corporate Client line at BNP Paribas Securities Services, added: “We are delighted to partner with Proxymity to support the development of best practice disclosure and proxy voting services that benefit the industry as a whole.”
Proxymity is an innovative investor communications platform that connects issuers, intermediaries, and investors via their proprietary digital network. Its industry-leading services include real-time and fully transparent digital proxy voting, and shareholder disclosure, automating shareholder ID requests in industry compliant formats without the need for any manual intervention.
Co-founders Dean Little and Jonathan Smalley, who have many years combined industry experience in custody product development, now lead a successful business serving investor markets worldwide, with a team of over 100 employees. The platform was first launched in the UK in 2018, following a collaborative pilot partnership with Computershare, and the company was spun out by Citi in April 2020.
In addition to its London, UK-based HQ, and customer hubs in both Manchester, UK, and Melbourne, Australia, Proxymity will continue to maintain its technology and R&D team in Tel Aviv, Israel.
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