Banking Chat App Symphony Raises $63M

Chat App Symphony

The headline says Symphony, a secure banking chat app, just got an investment from BNP Paribus to the tune of $63M. And, congratulations to them. BUT, is this the REAL story?? Other investors and/or partners include Google, Goldman Sachs, etc.  So are they so short of cash that they need “outside” money?? Hmmm! AND, Symphony’s chat app, which is like Slack for banks, allows folks in highly regulated environments to have conversations ENCRYPTED when they communicate. What are they hiding? Hmmm, short cash and secrets??? Now there’s a story.

Anyway, congratulations again to Symphony.
(Bill Taylor/CEO)

“Symphony, the secure chat app backed by some of Wall Street’s biggest banks, has raised $63 million (£48.8 million).

Palo Alto-based Symphony announced on Tuesday that it has raised the sum from French bank BNP Paribas and its existing shareholders, which include Goldman Sachs and Google.
Olivier Osty, BNP Paribas’ executive head of global markets, says: “Digital transformation is central to BNP Paribas Global Markets’ strategy, and collaboration with fintechs is a crucial part of that process.”

BNP announced in February plans to double investment in technology to €3 billion (£2.5 billion, $3.2 billion) over the next three years as part of plans to adapt to changing consumer behaviour and cut costs.

Osty says: “Forming agile partnerships with exciting and innovative companies like Symphony helps us deliver an exceptional service to clients, and remain their partner of choice in a changing world.”

Symphony is a like Slack for banks. It allows bankers and other people working in highly regulated environments to benefit from enterprise encryption and security while they chat online, either through text or voice.

The platform has evolved, and third-party apps can be installed to show financial data, monitor sentiment on Twitter, and perform tasks such as charting. Partners include Dow Jones and IHS Markit…”

Source: Business Insider