This ‘dating app’ for investment banking is going places
BankBayc创始人兼CEO Romesh Jayawickrama表示其计划在全球每个金融之都皆设立分部。
尽管BankerBay平台取得了巨大的成功，马来西亚国际商业银行的经济学家Song Seng Wun表示该平台必须适应不同地区的具体市场环境。他还表示BankerBay可以为投资者和交易发起人提供更好的选择，是件了不起的事情。
A Singapore startup is fast expanding following its recently concluded funding round in July.
BankerBay, a deal-matching platform that uses algorithms to match institutional investors with corporate deals, will set up its new headquarters in New York later this month. The company currently has offices in Singapore and India, but plans to open an office in Shanghai by the end of this year. Plans for a London office next year are also underway.
According to CEO and founder, Romesh Jayawickrama, he’s planning to have an office in each of the financial capitals of the world.
Since its launch two years ago, the startup has seen monthly deal flows on its platform increase from US$75 million to US$10 billion. BankerBay has raised US$4 million in funding so far, half of which was secured in a pre-Series A round in July 2016 from private investors.
From an initial team of three, BankerBay has grown its staff size to 30 employees across Singapore, India, and New York. The startup includes a core team of ex-bankers called transaction management analysts (TMAs), who assess deals submitted to the platform to ensure their quality.
Bringing an old-fashioned industry up to date
Investment banking has long relied on building client relationships personally. The process can take bankers months and sometimes years to forge, with the single goal of extracting enough information to ascertain whether the corporation may need capital in the future.
As an investment banker, Romesh found this time-consuming and costly.
According to Romesh, Investment banking hasn’t changed since the early 1900s. However, the global financial crisis of 2008 forced an increase in transparency and regulations in the industry, exposing many of its inefficiencies.
Romesh adds that almost all of the largest, most profitable multi-national banks have suffered massively because of the crisis. BankerBay, he says, is “trying to help the banks stay relevant by adopting efficient technology.”
How BankerBay works
The idea for BankerBay came from many years of personal frustrations with the investment banking industry. Romesh saw the potential to automate many parts of the deal origination and distribution process, including the process of gathering critical information about capital seekers and investors.
BankerBay encourages users to fill criteria sheets. These, not only ask standard questions like geography, industry segment, and revenue, but also identify more refined characteristics of deals that can match investors’ requirements.
On BankerBay’s platform, deal originators, people who scope out investor prospects, fill out criteria sheets and upload relevant documentation. Each deal is first assessed by the TMAs to ensure that it is of good quality before the platform gives its approval.
Institutional investors also fill out a criteria sheet, which helps identify the kinds of deals they are looking for. Within milliseconds, the platform returns deals that correlate with 85 percent or more with their interests, an extremely relevant match.
The outlook for BankerBay
While the initial outlook for the platform has been a huge success, CIMB economist Song Seng Wun said that the platform would have to adapt to various market environments depending on the regions it operates in.
However, he says that Bankerbay could give investors and deal originators a better selection of choices with which to strike deals. A remarkable thing indeed