Versana, a US-based data and technology company, has raised $40m in an equity funding round from leading banking groups.

Deutsche Bank, Morgan Stanley, US Bancorp, and Wells Fargo are the latest banks to back Versana, which is focused on the $5 trillion syndicated loan market.

Existing investors Bank of America, Citigroup and JP Morgan also joined the funding round.

The participating banks plan to provide loan data and will become key platform users.

Versana was set up to tackle the technology fragmentation and operational inefficiencies in the US leveraged loan industry.

The company says it enables straight-through processing and long-term, scalable market expansion by enhancing transparency into loan-level information and lender portfolio holdings.

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The proceeds from the investment will be used to modernise the syndicated loan market.

Versana founding CEO Cynthia Sachs said: “We now have seven of the top ten major US agent banks committed to our game-changing digital data platform, further validating our scalability and mission to modernise the loan market.

“Converting from analogue to real-time digital processes through a transparent and centralised platform will greatly improve data quality and streamline system fragmentation.”

Versana anticipates that with the addition of four more investors, it will have more than 75% of US loan market agreements available on its platform in real-time.

Deutsche Bank US head of loan trading Mike Weir said: “The innovation that Versana is bringing to market is exactly what’s needed to increase velocity and spur growth for the entire industry.”

US Bank global corporate trust and custody president John Stern said: “US Bank is proud to be the first trustee on the platform, given the critical function we provide within the loan lifecycle. We are excited to be an early adopter and collaborator with so many other leaders in this market.”