NEW YORK--(BUSINESS WIRE)--Beacon Platform, Incorporated (“Beacon”), a global financial technology company, has closed its Series A funding round, led by PIMCO, as previously announced. Barclays, a leading global investment bank, and Global Atlantic Financial Group, an innovative provider of retirement, life, and reinsurance products, completed the round.
Beacon licenses its developer platform, infrastructure services, and front office applications to institutional clients. Since its launch in 2014, Beacon has established itself as a leader in secure, cloud-based platform technology for the financial services industry. Beacon’s clients include global investment banks, asset managers, insurance companies, and commodities trading firms.
“The Series A funding round represents an important milestone in Beacon’s vision of building the first operating system for finance: an ecosystem where quantitative developers, engineers, data scientists, and front-office users can collaborate and innovate within their own controlled, secure, cloud-based platform environment,” said Mark Higgins, Chief Operating Officer of Beacon Platform, Inc.
“Barclays is excited to support Beacon through this investment as they grow their engineering team and expand the platform’s capabilities. Work to date conducted by our developers and data scientists has demonstrated significant potential for the platform. We look forward to helping further improve these tools as the ability to leverage data and digital assets becomes increasingly important in the financial services industry,” said Guy Saidenberg, Global Head of Distribution and Structuring at Barclays.
“The team at Beacon have been great partners. We look forward to continuing our relationship with them to enhance our insurance and investment analytical capabilities,” said Deva Mishra, Deputy Chief Investment Officer of Global Atlantic Financial Group.
“The investments in our Series A funding round offer a strong validation of Beacon’s business model and our platform’s capabilities. Our investors’ extensive knowledge, experience, and strong relationships will help us enhance our platform and provide innovative products and services to all of our customers,” said Kirat Singh, Chief Executive Officer of Beacon Platform Inc.
About Beacon
Beacon Platform, Inc. is a financial technology company offering the only vendor solution for a cloud-based, end-to-end development and production platform, which can meet the stringent security requirements of leading financial institutions. With Beacon's open architecture, transparent source code, and automated infrastructure solutions, clients who license Beacon can build in-house functionality on a platform that has been proven at some of the largest financial institutions in the world. Beacon gives financial and quantitative developers the tools they need so that they can focus on the business rather than the plumbing and process. And for business users, Beacon delivers fully integrated applications for analytics, pricing, risk management, and more. Beacon was founded in 2014 by the senior technologists who worked with SecDB at Goldman Sachs and created Athena at JP Morgan and Quartz at Bank of America Merrill Lynch. Beacon has over 70 employees with offices in New York, London, Berlin, and Tokyo.
About PIMCO
PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 45+ years since, PIMCO has continued to bring innovation and expertise to its partnership with clients seeking the best investment solutions. Today PIMCO has offices across the globe and 2,150+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
About Global Atlantic Financial Group
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs.
