BGF invests £3.5m in Manchester FinTech
High-growth FinTech company Planixs has secured a £3.5m minority equity investment from BGF.
The firm aims to use the investment to expand its global customer base, accelerate product development and support recruitment across the business.
Founded in 2011, the Manchester-based company works with global financial institutions such as Lloyds Banking Group, Barclays and Zenith Bank in providing its market-leading product suite Realiti.
Led by CEO and founder Neville Roberts, the business recently moved its head office to Union House on Albert Square in the centre of Manchester.
“Planixs has experienced significant growth in a relatively short period due to the team’s commitment to staying at the forefront of technology, simplifying regulatory compliance, driving liquidity cost benefit and delivering against the complexities of legacy systems that continue to permeate the financial system,” he said.
“I am hugely proud of what the business and the team has achieved to date and delighted to drive our growth agenda forward with the backing of BGF and its network.
"There is much more we want to achieve, particularly in terms of innovation and international expansion, and the move from angel investment to the support of a long-term investor in BGF is an important vote of confidence and enabler in those plans.”
The investment comes after BGF experienced a record year of investing in the North West in 2018, providing £80m in long-term funding across 16 deals.
Andy Gregory, BGF’s head of investments in the North, Scotland & Ireland, added: “Manchester is quickly becoming a global FinTech hub in the North West, with some great investments in infrastructure to date.
“Many of the UK’s leading financial services businesses have their back-office payment processing teams based here and we’re therefore seeing high levels of innovation to help them streamline their processes and manage their systems in a more efficient way.
“We’re delighted to be part of the UK’s FinTech growth story with our investment in Planixs. BGF invested in one business per week in 2018, and we’re ready to support more ambitious businesses in this industry and in Manchester in 2019.”