Barclays Backs Platform Seeking to Modernize the Loan Market

Barclays Plc is joining rivals in backing a firm that’s looking to upend the way Wall Street keeps track of corporate loan data.

The UK lender participated in a $26 million capital raise for Versana, a two-year-old platform that allows lenders to access data and information about $2.7 trillion worth of loans in one place, according to a statement. Existing investors including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. also joined in the fundraising.

As part of the deal, Barclays will also provide its agented corporate loan data to Versana, the 10th bank to do ...