Proxymity, a London, UK-based digital investor communications platform developed within Citi’s Institutional Clients Group, raised $20.5m in a strategic funding.
The company will form its own entity via a global, industry-led consortium, which brings together the leading global and direct custodians and the leading issuer agents ensuring instant access to the world’s leading investors and companies.
BNY Mellon, Citi, Clearstream, Computershare, Deutsche Bank, HSBC, J.P. Morgan, and State Street comprise the newly formed consortium.
Proxymity intends to use the funds to scale its platform offerings so that it can deliver its services to a wider client base and across a broad range of geographic markets. Its immediate focus will be the EU markets ahead of the forthcoming SRDII implementation.
Co-founded by CEO Dean Little and COO Jonathan Smalley, Proxymity provides a real-time and fully transparent electronic proxy voting platform, which is especially valuable amid current remote working arrangements. The platform offers post-meeting vote confirmation and gives investors up to nine more days per meeting to research and vote. The company also offers a shareholder disclosure platform, which automates shareholder ID requests in industry compliant formats without the need for any manual intervention. To date, Proxymity has supported over 3,000 shareholder meetings and, after pilots, it has fully launched the platform in the UK, Germany, The Netherlands, Belgium, Austria, and Australia, as well as a pilot in Spain. In addition to a commercial team based in London, Proxymity will maintain a technology and R & D team in Tel Aviv, Israel.