IZNES, a blockchain record-keeping platform for EU mutual funds, has secured an undisclosed strategic investment.
Arkéa IS, Groupama AM, La Banque Postale AM, La Financière de l’Échiquier and Lyxor AM have joined SETL and OFI AM as shareholders in the company.
INZES offers investors, asset managers, distributors, and wealth management advisers a platform to access fund units. The company claims the platform can help lower costs, manage compliance issues and support direct communication between asset managers, companies and investors.
Its solution enables users to manage KYC processes, handle subscriptions, and redemption instructions, settle transactions, manage reporting obligations and with the onboarding process.
By implementing blockchain technology built by SETL, it provides tailored solutions. For management companies, IZNES claims to provideclient identification (KYC) and management of associated data, reduce operational fees (KYC, order routing, transactions, etc.), reduce costs, improve communication with clients and improve product liquidity.
This investment, which comes just weeks after the company launched its blockchain platform, will help the company expand its operations to France and Luxembourg later in the year.
For this next phase, the company has registered 13 more asset managers, according to the company. These new firms include Allianz GI, Amundi, Aviva Investors, BDL Capital Management, BNP Paribas AM, Candriam Investors Group, La Française, Lazard Frères Gestion, Mandarine Gestion, Natixis AM, Pléiade AM, SMA Groupe and Sycomore AM.
Earlier in the month, SETL raised an investment from Credit Agricole CIB, which was the first FinTech investment made by the firm.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
