Proxymity, a digital investor communications platform that was developed within Citi’s Institutional Clients Group, announced on Tuesday it has raised $20.5 million in a strategic round of investment, with participation from BNY Mellon, Citi, Clearstream, Computershare, Deutsche Bank, HSBC, J.P. Morgan, and State Street. The platform also revealed that it is planning to form its own entity through a global consortium, which will see involvement from the funding round’s investors.
Founded in 2017, Proxymity claims it directly connects and authenticates issuers, intermediaries, and investors in real-time through its digital pathway. It was “born” out of Citi’s internal D10X program by London based employees of Citi’s ICG Securities Services business with the underlying technology developed at the Citi Innovation Lab in Tel Aviv.The platform offers two products:
- Proxymity PV: A fully digital proxy voting solution allowing meeting data, votes, and more to be sent and received in real-time.
- Proxymity ID: A fully automated shareholder disclosure solution that aids regulatory compliance.
With this investment and commitment from the consortium, Proxymity is planning to scale its platform offerings so that it can deliver its services to a wider client base and across a range of geographic markets. Speaking about the platform’s development and the consortium, Dean Little, CEO and Co-Founder of Proxymity, added:
“To date, Proxymity has supported over 3,000 shareholder meetings and, after successful pilots, we’ve fully launched the platform in the UK, Germany, The Netherlands, Belgium, Austria, and Australia, as well as a pilot in Spain. The establishment of this strong consortium is a vote of confidence in Proxymity’s future and overall vision and we look forward to growing the team and suite of products to deliver Proxymity to more institutions around the world.”