UK fintech SaaS company Finbourne Technology has closed an up to £30 million debt facility from London-based lender Kreos Capital (source).
The debt comes as an extension to Finbourne's April 2021 series A round. It comes as Finbourne is expanding into North America and Asia-Pacific, after announcing new offices in New York and Singapore.
Last May, a new chief technology officer, Robert Byrne, was appointed to spearhead platform iteration in conjunction with Finbourne's overseas push.
Financial firms use Finbourne's LUSID software platform to monitor and control investment data from multiple sources, and across distinct asset classes.
The API-based, cloud-native framework is intended as a live data repository on asset environments, executed from a single IT infrastructure.
LUSID's success has resulted in further product launches. Finbourne has rolled out a training and accreditation programme, dubbed Finbourne University, as well as product variants for traditional PMR workloads and for data virtualisation of multiple asset data sources. In the future, Finbourne expects to launch a third-party integrations marketplace, Finbourne Horizon, enabling firms to build utility on top of asset data workflows.
Finbourne Technology was incorporated in 2016. Rapid growth saw its headcount rise by nearly 50% last year.
Thomas McHugh, Finbourne Technology CEO and co-founder, said: "The partnership with Kreos Capital is a vote of confidence for Finbourne and our growth plans. Their support and experience in working with high-growth companies will be critical in our onward success.
"When we set out on our mission to deliver cost and operational efficiencies, we were clear we wanted to build a future where we support the financial services ecosystem to become change-ready.
"In six years, we have shown that we can help eliminate the risk associated with traditional operational transformation and at the same time address growing costs, so that firms can win back margins and productivity.”
Tim Fenwick, principal at Kreos Capital, added "We are pleased to partner with FINBOURNE at this exciting time in its growth journey.
"Together with a strong balance sheet and pipeline, we are confident that our investment will further fuel FINBOURNE’s strategy and execution, as it widens the net and delivers change-ready technology and data management tools, critical to supporting global financial institutions in this fast-moving economic landscape.”
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