Xenomorph, a provider of data management technology to banks, investment managers and insurance companies, has announced a significant new funding agreement from HSBC. The funding has enabled the business to accelerate global go-to-market plans for its TimeScape EDM+ financial analytics and data management platform.
TimeScape EDM+ is designed to manage the complete lifecycle of financial data across integration, derivation, storage, validation, cleansing, audit, analysis and distribution. With HSBC’s support, the company is now in a position to market the new software across the globe and has already achieved successful contract wins.
James Patterson, HSBC’s Area Director for Business Banking in the City of London, said: “It was critical that Xenomorph had access to reliable financing. Our team was able to provide this support with a flexible package and it is hugely rewarding to see the business already winning new clients.
“The funding comes from our commitment to lend £2.5 billion to SMEs this year and Xenomorph is a brilliant example of how this can be used to support the booming London fintech sector.”
Brian Sentance, CEO at Xenomorph, added: “It has taken a significant amount of time and business and technical expertise to successfully launch TimeScape EDM+, our comprehensive solution for analytics and data management for risk. That investment is now reaping significant dividends and benefits for our clients and for us. Data management remains a crucial function for all capital markets firms – especially in light of the regulations our clients and the market need to address. TimeScape EDM+ supports trading, investment and risk management operations through its flexible and high-performance architecture, it also comprehensively addresses regulatory-driven initiatives such as the Basel Committee’s Fundamental Review of the Trading Book (FRTB) and BCBS 239. HSBC's support proves to be a great help and accelerator as it has allowed us to continue to invest in the success of the company.”