Big Banks Invest in Online Shareholder Voting Platform

JPMorgan Chase, HSBC and Deutsche Bank are amongst a group investing $20mn in online shareholder platform Proxymity; the company is being spun out of Citigroup’s venture arm as companies look for solutions to replace in person shareholder meetings during the pandemic; Proxymity has helped to facilitate more than 3,000 meetings since launching in 2017 and is now expecting demand to ratchet up; the new capital will help the company to double headcount in the next six months and aim to start building new products; Jane Karczewski, Head of Global Custody at HSBC Securities Services, said to the FT that “Proxymity reduces operational inefficiencies and would allow the bank to offer a better service to clients.” Financial Times

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