Fintech-for-good platform Lightning Reach has been acquired by European Technology Group (ETG), a mission-aligned govtech group and long-term investor. Despite over 20 million people living in financially vulnerable circumstances, over £24 billion in financial support goes unclaimed each year. This is because support is spread across different organisations and remains highly fragmented, application processes are often manual, and awareness of available schemes is low.
At the same time, local authorities, charities and other organisations face the challenge of rising demand, constrained budgets and complex administrative and reporting requirements.
Founded during the Covid-19 pandemic, Lightning Reach was created to bridge this gap, making it easier for people to access the financial support available to them through a single, simple platform. It provides the infrastructure for organisations to deliver support more effectively, reach more people and create greater impact. The company now partners with over 100 organisations across the UK, including some of the largest utility providers, local authorities, charities, housing associations and banks.
It was initially backed by nearly 30 investors including the Joseph Rowntree Foundation, Big Issue Invest and Techstars, and was recently named Fintech for Good of the Year at the Fintech Awards London. Since launch, more than 300,000 people have unlocked over £25 million in financial support through Lightning Reach.
ETG acquires and scales software businesses serving the public sector and other regulated industries in Europe. Built and backed by entrepreneurs for entrepreneurs, ETG provides a strategic platform for founders and their teams, offering resources to support growth in areas such as sales, international expansion, and product development. ETG currently has over 400 public sector clients serving a combined population of over 14 million citizens across six countries.
The acquisition marks the next stage of Lightning Reach’s expansion following a period of strong growth, having reached more than 300,000 people and facilitated over £25 million in financial assistance since its platform was launched in December 2021. The company quadrupled its annual recurring revenue over the past year while remaining cash positive.
As part of ETG, Lightning Reach will benefit from long-term backing, public sector technology expertise and additional resources to accelerate its goal of helping over 1 million people access the financial support available to them by 2028. This will enable the company to broaden its market access, enhance public sector procurement and further invest in product innovation to unlock faster, more efficient delivery of a wider range of support.
Under the new ownership structure, Lightning Reach will continue operating independently with its existing team and stay focused on its mission, with no changes to the platform or services anticipated for partners or clients.
As part of the transition, COO Rhiannon Sheridan has become CEO of Lightning Reach, leading the next phase of growth. Founder and former CEO Ren Yi Hooi will remain involved as a Director on the Board. The acquisition represents ETG's third investment and reflects its strategy of supporting technology businesses that improve the delivery of public services and social outcomes.
According to Ren Hooi, Founder of Lightning Reach:
“I’ve always wanted to make sure our impact as a company can outlast my role as the founder, and it’s clear we’ve reached this point.
Rhiannon has been an exceptional leader since she joined our early team nearly five years ago and is the ideal person to lead our next phase, with ETG providing the dream long-term home that will allow us to stay laser-focused on our mission.”
Rhiannon Sheridan, CEO of Lightning Reach, added:
“When I joined Lightning Reach, we were a tiny team with a big goal, to make it easier for people to access support while removing the manual work that slows organisations down.
With ETG’s long-term backing, sector expertise and clear alignment with our mission, we have the right partner to help us scale sustainably, deepen our partnerships and keep investing in the platform as we work towards helping one million people access financial support by 2028.”
Lars Becker, CEO and Co-Founder of ETG, added:
“Lightning Reach is tackling one of the most important challenges out there: making sure people in financial hardship can actually access the help they are entitled to.
The team has built something genuinely special, with a brilliant product and real proof of impact. We see a significant opportunity to grow its reach across the UK and beyond, and we could not be more excited to support Rhiannon and the team as they scale.”
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