London-based fintech company Dealflo announced a £10 million Series B investment round. The investment came from Holtzbrinck Ventures and Frog Capital, with participation from existing shareholder Notion Capital.
Dealflo provides end-to-end cloud-based financial agreement automation software, processing more than $10 billion in annual financial transactions for major companies including Barclays, Ford Credit, and Prudential. The company reduces risk and cost for its customers from a legal perspective, while improving user experience by automating the financial agreement process.
Dealflo intends to use the funds to expand its operations into new sectors and internationally, and to invest in innovation in its products. The company now has more than 60 employees, with operations in the UK and North America.
“In this round of funding it was important that we chose investors that understood the sectors we operate in and have the experience to help us to continue our growth in key markets internationally,” said Abe Smith, CEO of Dealflo in a statement. “We have seen phenomenal growth since we founded the business in 2012 and this investment will enable us to deliver to global clients on a global scale.”
“This is FinTech solving real problems," added Mike Reid, Managing Partner at Frog Capital. "Dealflo’s solution is helping major, international clients cope with the triple whammy; more regulation, efficiency by going 100% digital and need for rock solid evidential back-up. We’re delighted to be supporting Abe and his team in building a major financial software powerhouse.”
Read more: Frog Capital (Press release)