Open Banking platform, Armalytix, completes £1.25 million investment
- Investment will fund the platform’s growing portfolio of financial data sharing and analysis tools
- Investors include family offices and senior figures from the world of banking and finance, including Brian Schweiger former Global Head of Equity Markets at the LSE and Jon Beebe former Global Head of Equities at Barclays
- Armalytix saves time, increases compliance, improves accuracy and enhances security
2nd August 2021: Armalytix today announces the closure of its latest investment round which raised more than £1 million, bringing the total funds raised by the company since its inception in 2019 to £2.79 million.
Bridging the gap between businesses and finances
The investment will fuel Armalytix’s mission of a form free future for businesses requiring information on their clients’ finances. The powerful tool is already reshaping how accounting and legal firms operate, cutting time traditionally spent on data collection to save hundreds of hours of work. Armalytix’s core goal is to replace forms and paperwork in professional and financial services for fast, safe and accurate data sharing.
The investment is supported by senior figures from the world of banking and finance, all of whom have experienced first-hand the issues of collecting, compiling and analysing financial data by hand. The investors fully endorse Armalytix, eager to help eliminate the common issues with financial data sharing that companies face every day.
Built by a team with decades of knowledge, experience and expertise, Armalytix’s sophisticated software solves the issues associated with blurry photocopied statements, missing data and insecure csv files, all of which present problems with convenience, security, and authenticity, and, crucially, gives companies the analysis they need to interpret the data. For Armalytix, formless financial management powered by Open Banking is the solution.
The funding allows Armalytix to develop new processes eradicating excessive costs and time for clients, as well as expand the range of reports offered into new industry verticals.
Transforming data collection for financial professionals
With Armalytix, accountants, finance and legal professionals can request financial data and analysis directly from their clients’ bank accounts, for specific dates spanning years. This saves both parties hours of time and provides peace of mind for professionals who need to ensure data is accurate and authentic to stay the right side of regulation. Armalytix is currently the only service offering a combined service of bank statement verification, financial data retrieval and source of funds reporting service, all streamlined in one platform.
Richard McCall, CEO of Armalytix comments:
“This funding will increase our presence in the world of financial technology and allow us to extend our tools across other multi-industry settings, including mortgage advisors, gambling and gaming, and wealth management platforms. Our investors are supporting our vision of shaping the future of financial information sharing, taking Armalytix a step closer to revolutionising how businesses collect and manage bank data in a paperless world.”
Since its launch in 2020, Armalytix has proven itself to be a simple and reliable alternative to conventional data collection methods. In just over a year, the service has developed into an industry-leading reporting service in the professional services world, as well as being a finalist in the Open Banking Expo awards, alongside firms such as Starling and HSBC.
Armalytix is a unique and powerful, multi-industry Open Banking powered reporting tool which is transforming the way firms interact with their clients. The platform provides a fast, simple, and secure solution to the time-consuming methods businesses currently use to share and analyse financial information. Features include bank verification, source of funds, proof of funds and more, all using bank-level security. Armalytix is empowering users to make Open Banking work for them in a secure and controlled way.
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