Modulr raises £14 million investment led by Frog Capital to fuel growth

  • New investment will accelerate its tremendous growth, customer momentum and innovation in commercial and wholesale.
  • Capital provides global opportunity as B2B transactions processed by pureplay digital operators will reach $14 trillion by 2023, up from $6.7 trillion in 2018, according to Juniper Research reportfeaturing Modulr.

  • Funding follows the launch of major partnerships with Sage and Paxport in Q1 2019.

Modulr, the Payments as a Service API Platform for digital businesses, today announced that it has completed an investment of £14m.  The investment round has been led by new investors Frog Capital as well as further investment from existing investors including Blenheim Chalcot.

This scale-up capital takes the total amount raised to £24.5m and will enable Modulr to accelerate its vision of enabling partners and direct clients to quickly and easily integrate new payment services into their core products. The Modulr platform delivers a fully integrated service providing a fast, easy and reliable digital alternative to processing payments via traditional business and corporate banking. Modulr partnered with Sage this year to improve the payments offerings available to small and medium-sized enterprises (SMEs) and accountants, helping to bring much needed innovation and competition to the UK SME banking and payments market.

Modulr is already moving billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, FinTech companies and the travel industry. The total value of payments in and out of Modulr’s platform exceeded £10 Billion this month, since the start of 2017. The capital will help increase the speed at which new payment types and functionality are added to the Modulr platform which will accelerate growth into existing industry verticals as well as supporting entry into new industry verticals.

The capital will support the continued growth of the teams located in London and Edinburgh, two of the UK & Europe’s leading FinTech hubs.  The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.

Myles Stephenson, Chief Executive, Modulr, said: “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business.  We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn of payments through the platform in our first two full years of operation.  The investment allows us to take the next step in pursuing our vision to become the world’s leading digital alternative for commercial & wholesale payments”.

Jens Düing, Senior Partner, Frog Capital, said: “Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment. Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve.”

Rob Devey, Chair & Senior Non-Executive Director, Modulr, & Advisory Partner, Blenheim Chalcot, said: “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”

– END –

About Modulr
Modulr is the Payments as a Service API platform for digital businesses and can be integrated into any product or system.  Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money.  Once integrated, businesses can instantly set up as many accounts as they need.  Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.  Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently.  Modulr combines its API enabled platform with authorisation from the UK’s Financial Conduct Authority as an Authorised Electronic Money Institution to deliver a fully regulated service.

For further information – please go to www.modulrfinance.com.

About Frog
Frog is a specialist European software investor, investing in companies at the Scale-Up stage. They invest in businesses that have proven product-market fit, strong momentum and positive unit economics, typically with €3m+ revenues and 40% growth.

Frog work with the companies they invest in using their ‘Scale-Up Methodology’ to help continue their growth. With a team of VC/PE investors, operational experts and entrepreneurs, they provide the required advice and skill-set at the Scale-Up stage across a broad range of sectors. This reduces downside risk, while creating value and maximising the upside.

For further information – please go to www.frogcapital.com.

About Blenheim Chalcot
Blenheim Chalcot is the UK’s leading digital venture builder, investing more than just funds; they invest knowledge and experience, ideas and infrastructure.  They specialise in digital businesses that transform industries. Their approach is to identify high growth sectors, typically undergoing some market, technology or regulatory discontinuity, and look to build scalable platforms that satisfy real customer needs. Blenheim Chalcot aim to build profitable companies, with sustainable business models.

Working alongside entrepreneurs and co-founders, they support ventures from start-up to scale-up to exit, giving them access to the global networks and services they need to grow. This support is bolstered by the innovative partnerships they forge with big businesses. Blenheim Chalcot’s digital expertise helps their ventures be more agile, while their partners’ global scope helps them scale faster.

For further information – please go to www.blenheimchalcot.com.

Wagestream closes £40 million Series A led by Balderton and Northzone with revolving debt facility by Shawbrook

WAGESTREAM HITS £40M RAISE — THE UK’S LARGEST EVER SOCIAL IMPACT INVESTMENT

  • £40m milestone arrives after latest £15m cash injections from investors co-led by early-stage venture capital specialists, Balderton and Northzone
  • Rapid adoption of Wagestream platform by UK firms proves employers are willing to invest in financial wellness and tackle in-work poverty
  • Wagestream is a ‘get-paid-as-you-earn’ service that allows workers to access their earned income in real time
  • Firm seeks to end the payday poverty cycle, kill off the payday loans industry and encourage straight-from-salary savings
  • Over 120,000 UK employees at clients including David Lloyd, Rentokil PLC, Camden Town Brewery, Slug & Lettuce and Carluccio’s can now access wages in real time

London, Embargoed 20 May 2019 0001 — Flexible wage app, Wagestream, which campaigns against payday poverty and seeks to end the financial stress caused by the monthly pay cycle, has secured the largest social impact investment ever in the UK.

The firm’s latest round sealed this week — with early-stage venture capital specialists Balderton and Northzone co-investing together — adds £15m resulting in a total raise of £40m ($52.5m)

The funding total means that Wagestream — which allows staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee — has attracted the largest pool of social impact investment in UK history.

With Wagestream, there are no loans involved and therefore no interest is charged.

Tech investor Balderton has raised £2.7bn over 19 years and has backed startups including Revolut and Nutmeg, while Trustpilot-backer Northzone has raised €1bn, targeting more than 130 companies since 1996.

This latest round comes on the back of earlier investments from QED, co-founding Investors in Wagestream, the Joseph Rowntree Foundation, the London Co-investment Fund (LCIF) and Village Global — a global VC backed by leading entrepreneurs including Bill Gates and Jeff Bezos — on top of a wholesale funding facility of up to £25m from specialist savings and lending bank, Shawbrook.

Venture capital and professional funders measure the investment worth of companies by looking at the full range of their capital resources.

Wagestream is on a mission to end in-work poverty, eradicate payday loans and destroy the ‘Poverty Premium’, whereby people on low incomes pay more for a range of essential products and services such as insurance, energy, and credit.

Wagestream is doing this by short-circuiting the monthly pay cycle — an antiquated monthly windfall that forces workers into the hands of payday lenders and other high-cost lenders when they approach the end of the month or face unexpected expenses.

Rapid adoption of the Wagestream platform by UK corporations proves employers are willing to invest in staff financial wellness and tackle in-work poverty.

Employers from across the private and public sphere including Rentokil Initial, Hackney Council and Roadchef have identified a number of CSR and HR advantages to the service.

For example, staff have greater financial security, which breeds loyalty, and employers trying to fill overtime shifts, particularly during unsociable hours, have noticed it becomes easier to do this once they use Wagestream.

This is because employers can elect to give workers access to that pay as soon as their shift is over — thereby re-establishing the link between work and reward. In fact, research shows that shift workers choose to work 22% more hours on average once enrolled in Wagestream.

The Joseph Rowntree Foundation’s investment came through the Fair By Design Fund, a movement committed to tackling the Poverty Premium by changing essential services so they don’t cost more to low income consumers. It is a  joint partnership with JRF, Big Society Capital, Barrow Cadbury Trust and Tech Trust.

Wagestream is also a supporter of Finance For Good — a collective of fintech services firms committed to improving the financial wellbeing of everyday people.

Peter Briffett, CEO and Co-Founder, Wagestream, commented:

“The feedback we are getting from private companies and public sector customers alike is that staff are happier, more productive and have greater financial security once they start using our service.

“The antiquated monthly pay cycle inflicts huge financial damage on household finances and its days are numbered. Too many people are pushed into a corner by in-work poverty and forced into the hands of payday lenders and high-cost credit.

“Wagestream is at the point of scaling up rapidly and this historic investment is going to accelerate the pace at which companies across the country liberate their staff from payday poverty and the disastrous social consequences that stem from it.”

Dr. Thomas Hellmann, Professor of Entrepreneurship and Innovation at Oxford University’s Saïd Business School, added:

“This fund raising is an example of the convergence of VC and impact investing, a Fintech venture attacking a pressing social problem with an innovative business approach. Fintech is constantly evolving and maturing, so it is exciting to see it deliver not only commercial, but also social, value.”

Nigel Morris, Co-Founder and Managing Partner of QED Investors, commented:

“We are extremely proud of our investment in Wagestream. As its co-founding investor, we’ve worked closely with management since its inception, helping Wagestream grow from a seed-stage start-up into the dominant player in the space.

“Employers and employees love this business, and so do we. It’s a unique combination of high customer satisfaction, strong leadership, rapid growth and social good. Very few companies check all those boxes. We’re thrilled to be associated with Wagestream.”

Rob Moffat, Partner, Balderton Capital, added:

“We fell in love with the strong product-market fit of Wagestream. We very rarely hear such universal positive feedback from all who have tried a product. Companies used to take an active role in supporting the financial health of their users but this has slowly been eroded, to the extent where employees paid at the end of the month are effectively subsidising their employer for 29 days a month. Wagestream starts to restore the right balance.”

Jeppe Zink, Partner, Northzone added:

“Fintech is delivering where the financial services industry has failed, by putting consumers’ financial wellness at the core of the industry. This is not just a new business model, it’s a fundamentally new way of doing business. We think Wagestream can be the leading light for a consumer-led era of finance, and we are excited to partner with them on the journey.”

If you’re interested in joining Wagestream then email us at pressoffice@wagestream.co.uk

— ENDS —

Notes to Editors

For more information, please contact:

Neil Millard, Rhizome Media: neil@rhizomemedia.co  |  07803 560 331

Martin Greenland, Rhizome Media: martin@rhizomemedia.co  |  07582 770055

About Wagestream

Wagestream’s goal is to end the payday poverty cycle, which sees a significant percentage of Brits taking out ultra-high interest loans to bridge their way to payday.

Wagestream is also a supporter of Finance For Good — a collective of fintech services firms committed to improving the financial wellbeing of everyday people.

Wagestream does this by enabling employees to receive a percentage of their accrued earnings anytime during the month, sparing them from using loans and payday lenders.  They can draw down earned funds using a mobile app for a flat fee of £1.75. Wagestream Ltd is registered with the Financial Conduct Authority as an EMD Agent (reference 902046) of PayrNet Limited, an Electronic Money Institution authorised by the Financial Conduct Authority (reference number: 900594).

Manchester SaaS start-up Raildiary receives £650,000 investment

20 May 2019: Manchester-based start-up Raildiary has today announced it has secured a £650,000 investment from the Rail Supply Growth Fund and Angelgroups to support its continued expansion across the rail construction sector in both UK and overseas markets.

The investment will help Raildiary increase its workforce and accelerate its product development work, leading to the creation of market-leading data collection and analysis tools for the rail construction industry. The platforms will allow new and existing clients to gain vital information and insights on the state of their construction projects in a highly cost effective and robust manner, thereby significantly improving the management of their projects.

Raildiary’s existing Sitediary app, available on a subscription basis, already contains a range of digital project management tools allowing construction contractors to save time and money by moving away from their traditional paper shift records, with their inherent limitations, as well as producing more detailed, insightful and real-time reports tailored to the rail construction sector.

Commenting on the investment, Raildiary’s MD and founder William Doyle, a chartered surveyor with a decade of experience in the rail construction sector and with first hand experience of the damage caused by poor transfer of information between a construction site, the office and the client, said: “This investment is a fantastic opportunity for us to develop our business. The funding will support our product growth and allow us to transform the way the UK and international rail markets deliver their projects.”

The Rail Supply Growth Fund managed by Finance Birmingham and funded by central government provides flexible finance to businesses across England that are focused on capitalising on opportunities across the global railway sector.

Jack Glonek, Investment Director at Finance Birmingham, said: “The Rail Fund is delighted to be investing into Raildiary with its deliverable growth plans based on an exciting product development pipeline backed by a skilled and experienced management team.”

Martin Avison, Founder of Angelgroups, corporate investors, added: “At Angelgroups we are always looking for a great team and in Raildiary’s case they not only had the people, but a great and scalable business. I’m confident that the money invested will enable them to grow the business and make the most of what is a very exciting opportunity.”

Digital Training Solutions secures investment from Maven and GC Angels

We’re excited to announce that we have received an investment from NPIF, Maven Equity Finance and the Angel investment division of The Growth Company, GC Angels. The investment will take us through the next steps of our Near-Life™ immersive learning journey, and we are grateful for the support we have been given.

The new investment will contribute to:
  • Improving Near-life™ software
  • Supporting research and development
  • Creating new employment opportunities

Our CEO, Mike Todd said “We’re delighted to have received this show of support from the Maven team and the Growth Company. It’s an exciting time for EdTech and interactive video and we’re looking forward to using this investment to take our innovation to the next level”.

Dave Furlong, Investment Manager at Maven said “DTS is a pioneer in Near-Life™ technology developing impressive software for a range of industries that benefit from their gaming approach to training. We’re delighted to support Mike and the team, and we look forward to working alongside the company as they enter their next phase of growth”.

We are looking forward to the next phase of Near-life™ technology, to reach new heights with our bespoke, interactive, immersive, role-play training.

Source: https://www.dtslimited.net/near-life-investment/

Deliveroo closes £452.12 million Series G investment led by Amazon

  • Amazon is set to be the largest investor in Deliveroo’s Series G funding round
  • Deliveroo is raising a total of $575MM with participation from Amazon alongside existing investors T Rowe Price, Fidelity Management and Research Company, and Greenoaks
  • Deliveroo will invest heavily in expanding the company’s tech team at its UK Headquarters, expand further to reach new customers, and continue innovating through its delivery-only super kitchens, “Editions”

Deliveroo today announces that Amazon is leading a new $575MM Series G preferred shared funding round, alongside existing investors T. Rowe Price, Fidelity Management and Research Company, and Greenoaks.

This takes the total Deliveroo has raised to date to $1.53BN.

With this funding, Deliveroo will continue to build its world-class service—bringing customers the food they want whenever and wherever they want it, offering even more work for riders, and helping restaurants to grow their businesses by reaching new customers. The new investment will contribute to:

  • Growing Deliveroo’s engineering team based in its London headquarters, creating more high-skilled jobs and building on London’s growing reputation as a tech hub.
  • Expanding Deliveroo’s delivery reach in order to continue offering its service to new customers.
  • New innovations in the food sector, for example through delivery-only super kitchens “Editions”, as well as new formats that will help restaurants expand to new areas at a lower cost and lower risk, bringing more choice to local neighbourhoods.
  • Development of new products for customers to offer a more personalised experience, increased support for restaurant partners, and new tools to offer riders flexible and well-paid work.

Will Shu, founder and CEO of Deliveroo, said: “This new investment will help Deliveroo to grow and to offer customers even more choice, tailored to their personal tastes, offer restaurants greater opportunities to grow and expand their businesses, and to create more flexible, well-paid work for riders.

“Amazon has been an inspiration to me personally and to the company, and we look forward to working with such a customer-obsessed organisation.

“This is great news for the tech and restaurant sectors, and it will help to create jobs in all of the countries in which we operate.”

“We’re impressed with Deliveroo’s approach, and their dedication to providing customers with an ever increasing selection of great restaurants along with convenient delivery options,” said Doug Gurr, Amazon UK Country manager. “Will and his team have built an innovative technology and service, and we’re excited to see what they do next.”

Notes to Editors

1.Deliveroo is an award-winning delivery service founded in 2013 by William Shu and Greg Orlowski. Deliveroo works with over 80,000 best-loved restaurants and takeaways, as well as 60,000 riders to provide the best food delivery experience in the world. Deliveroo is headquartered in London, with 2,500 employees in offices around the globe.

2. Deliveroo operates in over 500 towns and cities across 14 markets, including Australia, Belgium, France, Germany, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, Taiwan, United Arab Emirates, Kuwait and the United Kingdom.

3. This new investment will be completed in the coming months, subject to customary regulatory approvals.

Maven backs Symphonic Software

Maven has led an investment in Edinburgh-based Symphonic Software (Symphonic), a leading player in the Identity and Access Management (IAM) market.

Symphonic has developed a software solution that enables organisations to securely share critical, time-dependent and sensitive information by managing access to data and services in the inter-connected digital economy. Its platform enables the user to set rules and controls, even for the most complex administrative requirements, at extreme granular levels. 

Symphonic is helping businesses respond to the rapidly emerging requirement for sharing data both inside and outside an organisation, while maintaining compliance with internal policies and external regulations. Data security, General Data Protection Regulation (GDPR) and Open Banking regulations are just some of the initiatives forcing Symphonic’s financial customers to undertake major re-engineering programmes that inevitably involve the deployment of a sophisticated access management solution. As a result, the IAM market is growing rapidly and is forecast to be worth in excess of $20 billion by 2022.

Symphonic’s solution enables financial institutions to manage the new, complex access patterns resulting from these regulations whilst delivering the right balance between security and customer experience. Its clients can react quickly to new threats whilst lowering their costs by defining their access control policies in a single location.

The funding from Maven will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Symphonic continues to offer customers a best-of-breed solution in this important and growing market.

We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.

David Milroy, Partner at Maven

Source: https://www.mavencp.com/about/latest/689-maven-leads-investment-in-symphonic-software

Urban closes £8.45 million Series B investment led by ADV

On-demand wellness app Urban closes $10M Series B to double down on beauty and fitness.

Europe’s number one wellness services app, Urban, has raised a further $10M to double down on its mission of empowering city-dwellers to prioritise their wellbeing.

This latest round of investment comes at a time when the company is nearing profitability. Led by patient venture investor, Accelerated Digital Ventures (ADV), it will enable Urban to accelerate towards its goal of becoming a one-stop shop for on-demand wellness services.

Existing investors Passion Capital and Felix Capital also participated. To support the expansion, Urban is in the process of recruiting a team of 30 engineers in Lithuania. “Our new Vilnius office will be instrumental in helping to evolve our service,” says Giles Williams, co-founder and CTO of Urban. “The Lithuania team will work on all aspects of our marketplace platform, including its award-winning client apps, practitioner business software, corporate offering and data science projects.”

In November 2018, the London-headquartered company expanded its on-demand services beyond massage to include osteopathy, facial, and nail services. These services have been widely embraced, with 80% of new service revenue driven by existing customers.

In a world where wellness means something different to everyone, Urban cuts through the noise. They make it easy for city-dwellers to take time for treatments that help them feel at their best, be it a rejuvenating facial or a deep tissue massage.

But rather than thinking of these things of one-off rewards, Urban conceives of them as an integral part of wellbeing, unlocking individual potential. That’s why, with more services in the pipeline, their goal is to be the go-to destination for the wellness needs of anyone who lives in a city.

Their philosophy aligns perfectly with major investor ADV, which prioritises longevity over short-term gains.

Lee Strafford, ADV’s CEO says: “Urban is building an ecosystem of wellness offerings for a modern society with a highly varied set of needs. We really like Urban’s vision of delivering on consumer needs while making wellness a better business for therapists on the platform. So we’re delighted to partner with the team as they execute on their ambition.”

Urban founder Jack Tang says: “We’re excited to partner with ADV in the next stage of our growth and ambition. ADV’s long-term investment philosophy aligns with our plans to grow sustainably and organically, improving our already robust unit economics.”

We have a super exciting roadmap ahead. Our newly expanded engineering team means we can empower even more wellness practitioners to build thriving, independent businesses with Urban.

Our goal is to become the one-stop shop for on-demand wellness services, and with the services we offer today, we’re just getting started.”

ENDS

Notes for editors
Key business highlights

  • Aug 2016 £3.5m Series A led by Felix Capital – unannounced as we focused on delivering the best experiences for our customers (therapists and end-users)
  • Sep 2016 Paris launch – third largest city market globally for wellness spend after NYC and London
  • Nov 2017 introduced £49 off-peak massage in a bid to reduce the barrier to wellness services
  • Feb 2018 Milk Beauty (at-home B2C) and Freauty (B2B) acquired to bolster our corporate wellness offering
  • May 2018 therapist ambassador scheme for UK and FR launched to ensure the community’s voice is well considered for any policy planning to deliver best-in-class experience for the professionals
  • Aug 2018 Seedrs crowdfunding raised £3.5m convertible note / advance subscription with 800+ new investors to help us shape the future and roadmap (majority of the investment was from current customers, therapists, staff and current VC backers)
  • Nov 2018 Urban massage rebrands as Urban, introducing osteopathy, nails and facial services, delivered in partnership with brands such as Dermalogica and Aveda
  • May 2019 Urban closes $10M Series B to double down on its mission of empowering city-dwellers to prioritise their wellbeing.

For more information, a quote or photography please contact press@urban.co

About Urban
Founded in 2014, Urban is an on-demand wellness app on a mission to empower people through wellbeing. At Urban, we believe that when you’re well, you’re better equipped to go after everything else in your life. It’s the easy way to book the treatments you need – massage, nails, skincare and osteopathy – in the comfort of your home, office or hotel. Urban is currently available in four cities across Europe – London, Manchester, Birmingham and Paris and is backed by some of London’s leading VC firms.

About Accelerated Digital Ventures (ADV)

ADV is a patient venture investment engine. Its team are entrepreneurs and operators who have learnt the hard lessons and want to pay them forward. Currently investing £150M, ADV takes the long view of business building, investing across the funding lifecycle of startups, scaleups and ‘scalebigs’. ADV champions the innovators – the people who build complex, technical, generation-defining businesses. ADV’s investors are British Business Bank, Legal & General and Woodford Investment Management.

This investment was from ADV’s British Business Bank ECF fund.

Say hello at www.accelerated.ventures | @AcceleratedDV

EdTech startup, Blackbullion closes £400k Seed Follow On led by Lord Stanley Fink

Blackbullion, the award-winning edtech company transforming students’ lives through financial literacy, has secured second-round investment of £400K ($525K).

This second tranche of funding was led by Lord Stanley Fink, who will also join the startup’s board, as Chairman. Additional investments came from MPA Education, Emerge Education and JISC, the membership organisation providing digital solutions for UK education and research. It brings the total raised by Blackbullion to £1 million and will be directed towards new product development and expanding its existing suite of solutions for universities.

Founded by former wealth manager, Vivi Friedgut in 2014, Blackbullion has set the challenge to deliver a robust and empowering financial education to a million students within the next two years.

“Money is the last great taboo and it’s our goal to ensure an engaging and effective financial education for young people,” comments Vivi Friedgut. “We’re seeing more universities look at making financial learning mandatory but there’s still a way to go.

Working in partnership with universities means we can drive understanding, empower students with real-world money skills, and help build the confidence and tools they need to design the life they want beyond graduation.”

Blackbullion currently supports 500,000 students across the UK, Australia and New Zealand, through partner universities, including King’s College London, The University of Edinburgh, and the University of South Australia. The start-up has a strong track record in widening participation cohorts, especially for first-in-family students. Its platform is actively used as part of partner university student retention strategies.

Lord Fink says: “Forty years in the financial services world and I’m always surprised how young people lack understanding on the topic – especially given how much we know about the impact of financial stress. I’m a huge fan of how Blackbullion’s thoughtful products have the potential to change students’ lives.”

Melody Lang, Advisor and Investor at MPA Education summarised their decision to invest in Blackbullion: “Very excited to be backing a company with such an important mission, but also one of the most impressive founders I ever met. Vivi’s creating a real legacy through her tech for good ethos and this platform.”

Jan Lynn-Matern, CEO and Co-founder at Emerge Education, added, “Financial education is one of the fundamental pillars of becoming a well-rounded adult.

Despite its importance, it remains very underrepresented in today’s education systems – from schools to universities. We’re thrilled to support Blackbullion in its mission to bring this crucial life skill closer to universities and students, and continue its exciting growth journey.”

The company, which won Edtech Launchpad and was a Financial Innovation Awards finalist, is considering a future raise to drive its global expansion plans.

ENDS

About Blackbullion

Blackbullion is the award-winning financial education company on a mission to help young people gain financial skills for life. Powered by a Software-as-a-Service (SaaS) subscription model, Blackbullion partners with higher education institutions to deliver engaging and effective personalised learning to encourage shifts in financial behaviour of students around the world. Founded in 2014, Blackbullion currently supports university students, with over 500,000 having access to their learning platform.

Contacts
Antonia Taylor PR
antonia@antoniataylorpr.com
+44 7968 775571
Ola Szaran Head of Marketing
ola@blackbullion.com

The ID Co. secures £1.57 million Seed investment from Amadeus Capital Partners and SixThirty

Global fintech, The ID Co., has today announced it has received $2m seed funding from global technology investor Amadeus Capital Partners, SixThirty and other investors.

The ID Co. helps businesses such as lenders to onboard their customers more efficiently. Its technology removes the friction caused during application processes by the current challenges of risk, fraud, compliance, and regulation.

The ID Co. has recently launched two innovative products, DirectID Insights and Income Verification, based on Open Banking. The ID Co. is a market leader in Open Banking – a global movement that grew out of the UK, which allows companies or individuals to securely share their data with a third party. The ID Co.’s mission is to make bank data readily available to any business so that it can revolutionise its offering and transform its customers’ experience.

IDCO Offices

DirectID Insights is the first online decisioning tool for use by underwriters, fraud analysts and Credit Risk Officers that requires absolutely no integration. Leveraging Open Banking data, it drastically reduces operational costs for businesses and unlocks, from bank data, the information required for lenders to grant, or deny loan applications. DirectID Insights user numbers have grown rapidly in the UK and USA and include Clydesdale & Yorkshire Bank, Prosper, Marlette and LendingMate.

The ID Co.’s Income Verification solution utilises six unique algorithms to give a sound basis for assessing a loan application. The tool also gives additional insights such as showing supplemental income and whether the applicant’s income changes over time.

The new investment from Amadeus Capital Partners and other investors will enable The ID Co. to extend its offering to new sectors and international customers while continuing to grow in its existing markets.

James Varga, CEO of The ID Co., said:

“The financial world is being fundamentally changed through Open Banking. It improves our understanding of each individual, allowing us to move away from traditional credit reference agencies.

“This funding gives us the support we need to execute our plan to bring bank data to the global market. We are hiring fast and entering new markets and geographies across the globe. The recent launch of DirectID Insights and Income Verification means that we are in an excellent place to capitalise on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”

CJW_1491

Nick Kingsbury, Partner at Amadeus Capital Partners, added:

“The ID Co. is delivering real value to its clients. The application of Open Banking-based data allows financial providers to personalise their services and streamline and shorten lending processes. We are delighted to be supporting the company in solidifying its lead in the UK and expanding its international presence.”

“SixThirty is excited to continue its support for The ID Co., a growing leader in the digital reality of Open Banking,” added Atul Kamra, Managing Partner of SixThirty.

“The speed at which decisions must be made in our hyper-connected world comes with a growing customer expectation for instant value and service. This places a premium on The ID Co.’s capabilities around rapidly confirming customer identity and delivering customer insights. James and The ID Co. team have gotten a real nice head start here, and are well positioned to take advantage from the regulatory tail winds afforded by Open Banking.”

Arkk secures £5 million investment from Mobeus

Arkk’s for:sight platform attracts £5m to give leading companies confidence in their tax and regulatory reporting

Mobeus has invested £5 million of growth capital in Arkk, a UK-based Software as a Service provider that digitises regulatory reporting, which is increasingly required by authorities worldwide.

Founded in 2009, Arkk recently launched for:sight, a new software platform that simplifies burdensome processes, reduces the potential for non-compliance, and frees up the finance function to focus on value-adding tasks. Arkk has over 800 clients in 20 countries, including a quarter of the FTSE 350 and 10 of the top 20 UK accounting firms. 

Mobeus’s capital will support Arkk’s plans to invest in sales, marketing and new product development to accelerate its strong position in the UK tax and regulatory reporting market. 

Mobeus Investment Partner Amit Hindocha led the deal for Mobeus, supported by Amaad Mahmood. Mobeus Partner Bob Henry joined the Board at completion.

Amit Hindocha says:

“As tax authorities increase pressure to boost revenues and improve transparency through digitising all tax and compliance reporting, Arkk has a fantastic opportunity to leverage its unique platform, strong reputation in the regulatory reporting market, and very loyal customer base. Manual tax processes no longer serve the needs of companies that are going global, adopting new business models and managing complex geo-political issues like Brexit.”

Richard Metcalfe, Arkk CEO, says:

“Mobeus’s investment in Arkk comes at a tipping point for transforming tax and reporting functions. CEOs trying to steer companies through a tough competitive and regulatory environment can no longer afford to get tax wrong. The timeliness and accuracy of external reporting underpins a company’s standing with investors, regulators, customers, employees, suppliers and society.”