FINBOURNE Technology plans to extend the reach of its SaaS-native data management platforms, and build out global capacity and capability, following a partnership with Kreos Capital to secure a debt facility of up to £30 million. The funding is an extension of FINBOURNE’s Series A round in April 2021.
Headquartered in London, FINBOURNE was founded in 2016 with a mission to reduce the cost of investing while improving efficiency, transparency and trust in capital markets. Its SaaS native data management platforms include LUSID, LUSID PMS, a next-generation portfolio management system, and Luminesce, a data virtualisation engine. Clients include Fidelity International, London Stock Exchange Group (LSEG), Baillie Gifford and Railpen.
Last year, FINBOURNE increased headcount by nearly 50% to achieve a total of more than 190 employees worldwide. It also set up operations in North America and Asia-Pacific.
The Kreos Capital debt facility will help the company build on these foundations to broaden the coverage of its ‘change ready’ data management solutions. It also plans to develop SaaS capabilities across portfolio and fund accounting to support asset servicers in their digital transformation. Further additions include FINBOURNE Horizon, a global community of integration partners, and a FINBOURNE University programme and accreditation scheme that will be delivered as part of the company’s operations in new markets and support engagement with consulting firms.
“The partnership with Kreos Capital is a vote of confidence for FINBOURNE and its growth plans,” says Thomas McHugh, CEO and co-founder at the company. “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.”
Tim Fenwick, principal at Kreos Capital, comments: “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.”
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