Today Versana, the syndicated lending platform, announced a $26 million funding round and the addition of Barclays as a new investor and platform member. Other existing investors that joined the round were Bank of America, Citi, Deutsche Bank, J.P. Morgan, Morgan Stanley and Wells Fargo. Those that didn’t participate include Credit Suisse and US Bancorp. It follows a $40 million funding round last March.

Barclays becomes a subscriber and provider of agent corporate loan data, and the tenth bank on the platform.

Without a digital solution, managing syndicated loans is a messy process. Every time a borrower draws down a loan or makes a payment, each lender needs to keep track. Hence the need for a centralized solution such as Versana.

During the last ten months it has grown from 1,500 loans worth $900 billion on the platform to 4,800 corporate loans representing $2.7 trillion in commitments. Given Versana says the global market for syndicated loans and private corporate credit is $7 trillion, it has already onboarded a large slice of it.

“The significance of bringing Barclays in as an investor, subscriber and agent data contributor is a huge win for the global syndicated loan market,” said Versana’s Founding CEO Cynthia E. Sachs. “Their significant commitment, alongside meaningful follow-on investments from our existing investors, validates the market’s confidence in our game-changing platform.”

Versana uses Digital Asset’s DAML smart contract language for workflows and is a member of the Canton blockchain network.