Barclays plugs $6m into London financial tech startup Simudyne

Financial simulation technology firm Simudyne will today announce the close of a $6m (£4.6m) series A funding round, led by Barclays.

Early Snap and Lyft investor Graphene Ventures also joined the round, alongside Gauss Ventures which has previously backed digital banks Revolut and Tandem.

The round raises Simudyne’s total amount of investment to date to reach $10m.

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“Partnering with high-growth fintech companies like Simudyne is core to our technology strategy,” said Andy Challis, managing director of principal investments at Barclays.

“As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”

Simudyne’s software allows financial institutions to test drive decisions and build analytics through agent-based modelling.

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The London startup said it has increased its revenue 600 per cent in the last year alone.

Chief executive Justin Lyon said the firm will use the funding to gain more customers within financial services and enter new sectors later this year.

“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution,” he added.

“Simulation will be a multi-billion-dollar market within the next five years and we will be best positioned to capitalise on that opportunity.”