Deutsche Bank, Morgan Stanley, U.S. Bancorp and Wells Fargo have joined founding investors Bank of America, Citi and J.P. Morgan in a $40m equity round in Versana, a digital data and technology platform.
These major institutions have invested capital, intend to contribute loan data and will become key clients of the platform.
Mike Weir, US Head of Loan Trading at Deutsche Bank: “The innovation that Versana is bringing to market is exactly what’s needed to increase velocity and spur growth for the entire industry. We are glad to join our peers in this effort to propel the market forward.”
This milestone transaction further propels Versana’s mission to bring long-awaited modernization to the syndicated loan market.
Versana was created to address the operational inefficiencies and technological fragmentation in the U.S. leveraged loan market.
The Versana platform, which launched late last year, is the market’s first real-time, multi-tenant solution centralizing corporate loan data flowing directly from administrative agents’ books and records.
Read the full article HERE.
