Google, which has now morphed into holding company Alphabet Inc, took a stake in Symphony Communication Services LLC in a fundraising round that values the messaging startup at $650 million, the Wall Street Journal reported.

Symphony’s latest funding round is expected to close this week, the WSJ reported, citing people familiar with the matter. (on.wsj.com/1RreVN1)

The company’s chat service allows financial firms, corporate customers and individuals to put all of their digital communications on one centralized platform.

The service is backed by Goldman Sachs Group Inc and other big Wall Street banks.

Goldman led a group of 14 banks including Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co in making a $66 million investment in Symphony last October, when Symphony was set up. Symphony and Google were not immediately available for comment.

Many on Wall Street think of Symphony as a rival to Bloomberg LP and Thomson Reuters Corp, which provide messaging and information services for bankers, traders and investors.

Those terminals can cost tens of thousands of dollars per year for each customer.

Symphony is available to businesses with more than 50 users for $15 per user per month. Smaller businesses and individuals can use the tool for free.

Last month, Symphony said they are working with News Corp’s Dow Jones to offer news stories in its service and with McGraw Hill Financial Inc to integrate data and analytics from its S&P Capital IQ product.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Don Sebastian)

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