Longtime bootstrapped FISCAL Technologies raises £3.6 million with help of ScaleUp Group

FISCAL Technologies, a UK-based provider of forensic risk management solutions, has raised a £3.6 million Series A investment with the help of ScaleUp Group (SUG), a tech entrepreneurial advisory group. The round was led by Octopus Investments’ Development Capital Team, with participation from Calculus Capital and members of SUG. FISCAL, founded in Reading in 2003, has been bootstrapped until this point and reached profitability along the way. Over 250 clients use its AP or NXG Forensics software to manage “Purchase to Pay” transactional risk, with real-time controls, supplier risk profiling, and reporting dashboards. To date, the software has processed over 1 billion transactions with a value of over £5 trillion. David Griffiths, co-founder and CEO, said: “Having established ourselves as a disruptor in the purchase-to-pay market, we now want to leverage what we’ve achieved to further accelerate our growth through both our channels and directly. This investment, introduced by SUG, will also help us to ensure we retain our product leadership and maintain the world class service we provide to our customers, such as BAE Systems and Debenhams.” John O’Connell, Executive Chairman of SUG, commented: “We were asked to conduct a structured fundraising process which created considerable interest from the Fund community. Offers were received after we identified that FISCAL qualified as being ‘Knowledge Intensive’ under EIS/VCT rules. We are delighted that in Octopus and Calculus, FISCAL has two very prestigious VCTs backing its growth plans.”