Founding CEO Cynthia Sachs highlights the strategic importance of Versana’s recent $26 million capital raise
Versana was founded on one major objective: to transform the vast inefficiencies and technological fragmentation plaguing the broadly syndicated and private corporate loan markets. We’ve built our centralized, real-time data platform to bring transparency and velocity to this $7 trillion asset class, and in less than two years we’ve done just that. We now believe Versana is the industry-leading digital innovator in its category.
In connection with this mission, I’m excited to share some game-changing news: Barclays has joined Versana and, along with our existing investors, participated in our most recent $26 million capital raise to accelerate our ambitious growth plans. With its well-established presence in the US, UK and Europe, Barclays is the ideal partner to help us expand globally. This is a monumental transaction that will materially increase our deal coverage and ability to scale our platform for the benefit of all loan market participants – agent banks, lenders, fund administrators and trustees.
Barclays now becomes the tenth major bank to commit to contributing its agented deals and joins top industry brethren – J.P. Morgan, Bank of America, Citi, Deutsche Bank, Morgan Stanley and Wells Fargo – in this funding round. We’re so very grateful for this vote of confidence and continued support that will take Versana to the next level.
This important development is just one of many landmarks realized over the past year. In June, we announced that founding bank J.P. Morgan achieved straight-through processing on our platform – a groundbreaking triumph for them and the market at large. We’ve also achieved connectivity to Citi and another top bank’s agent loan servicing system, enabling hundreds of their deals to be onboarded over the quarter. All told, our coverage now extends to over 4,800 broadly syndicated loans, totaling $2.7 trillion in notional commitments.
Of course, none of this would have been even remotely possible without the incredible hard work and dedication of our talented team and strong collaboration with our strategic investors. The fact that the market’s biggest players are engaging and deepening their relationship with us is the ultimate testament to our people, vision and progress to date.
As we venture forward on this journey, we are poised to take Versana to the next level, and we couldn’t be more thrilled to share our next phase of development with you.
Modernization of the corporate loan market is happening!
Ready to join the transformation? Reach out to us today.
