Venture capital funding for fintechs got off to a hot start this year, and it kept flowing into the early spring, with early-stage companies raising millions of dollars in late March and April. This article from the American Banker features Simdyne’s most recent investment round.
Check out the full article here.
Excerpt
What it’s doing with the funds:
Simudyne plans to hire more subject matter experts worldwide and expand its software beyond bank stress testing, financial risk and contagion management. Since its formation, Simudyne has raised $10 million.
Recently Simudyne worked with banks to identify market execution and anti-money-laundering as two new simulation products which are now in use. Banks typically spend between $475,000 and $3.25 million on the software annually, said Justin Lyon, CEO of Simudyne.
Using agent-based simulation, Simudyne provides prescriptive analytics. Clients can simulate millions of scenarios, test drive their decisions and fail without consequence.
“It’s the difference between training a pilot by having her watch a film on flying a plane over and over again versus training with a realistic flight simulator that adapts and reacts to how she flies it,” Lyon said.
While banks have been running simulations for decades, agent-based simulation allows the bank to build simulations models that encompass their entire operating environment: their businesses, markets and clients. Banks have also chosen Simudyne over competitors because bankers can keep both their data and models on the premises while using the software, Lyon said.
Andy Challis, managing director of Barclay’s principal investments, added in a press release: “Partnering with high-growth fintech companies like Simudyne is core to our technology strategy. As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”
