A Chat App Used By Wall Street's Biggest Banks Scores $1 Billion Valuation

Symphony, a little-known secure messaging app, is making headlines on Tuesday as the company has earned the "unicorn" title. According to a TechCrunch report, Symphony closed in on $63 million in a new funding round, which places the company's valuation at more than $1 billion.

Symphony's secure platform has attracted 15 of the world's biggest banks and 200,000 paying customers. The company describes itself as a "secure, cloud-based communications service," which delivers the "next wave in organizational productivity."

TechCrunch noted that Symphony primarily targets the financial services community, which allows employees of a financial firm to securely communicate with each other but also lets them talk with outsiders through the same secure platform.

'Bloomberg Killer'

Symphony is also known for its encryption and reporting requirements. In fact, the platform's $15 per user per month cost is now being viewed as a suitable communication alternative to the Bloomberg terminal, which sets users back $25,000 per unit annually. This even led to Symphony being described as a "Bloomberg killer."

TechCrunch added that Symphony is expected to use its new financing to expand into new vertical markets, including the legal, accounting and healthcare industry. These three sectors are similar to the financial services domain where information safeguarding is paramount and companies need to follow strict privacy rules.

"We are thrilled to have the support of our new and existing investors as we accelerate global platform adoption," TechCrunch quoted David Gurlé, founder and CEO of Symphony, as saying in a statement. "This financing is a recognition of the value our customers have experienced as the Symphony community has grown. Our customers' desire to make Symphony their central platform and replace legacy tools is an endorsement of the efficiencies brought by an integrated collaboration platform and streamlined workflow."

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