Xignite raises $20 million in Series C Funding
Cloud-based solutions supplier Xignite said on Monday that it has raised 20.5 million US dollar in Series C Funding. The funding was headed by QUICK CORPORATION along with the company's present investors like Altos Ventures, Startup Capital Ventures and StarVest Partners.
This new funding took Xignite's net funding amount to 37 million US dollar. The company noted that it will utilize the capital from the fund to gauge its marketing and sales efforts as well as to widen its product portfolio.
With regard to this new funding, Xignite will join hands with QUICK in order to distribute its cloud-based solutions to the markets in Asia continent. Moreover, Xignite will also distribute QUICK's branded information and financial data via its APIs platform. Xignite, along with QUICK, will boost the development of cloud-based solutions in Asia and globally.
Xignite's customers include many financial technology companies like Currency Cloud, 8 Securities, Jimubox, SoFi and Betterment. These clients are creating a revolution in the financial service market with their cloud-based products. Xignite has increased its booking by more than 50% in the last year. The company is also helping over 455 billion data appeals from APIs, and the demand keeps growing.
According to Stephane Dubois, founder and Chief Executive Officer of Xignite, the revolution in financial technology will sweep all aspects in the world of financial services in the future years. The financial services firms can no longer withstand the pressure put on them by the fintech companies and that they must undergo cost-cutting strategy in order to survive in the market. In addition, Xignite is pleased to partner with QUICK in the cloud-based infrastructure, Stephane added.
CEO and President of QUICK, Noboru Yoshioka, said that QUICK's topmost position and exposure in Asian market coupled with Xignite's innovation will enable them to improve development in Asia. Xignite noted that the Managing Director of QUICK, Atsuyuki Nakajima, will be entering into its Board, as part of the fundraising.
According to FINANCE MAGNATES, the fintech company recorded 64 billion API calls in January. Xignite also expects to record one trillion calls in 2016. Stephane Dubois told FINANCE MAGNATES that the company's growth has experienced a robust demand in Asia, which rose by 250%.
The CROWDFUNDINSIDER said Marlin & Associates served as a financial advisor and also as an exclusive strategic guide to Xignite during the partnership deal. The fundraising will enable the company to elevate its product portfolio in the Asian market.
QUICK's partnership with Xignite will allow QUICK to serve its customers through Xignite's financial technology platform. This new partnership will provide both QUICK and Xignite the leading position in the Asian market.
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