London-based FundApps has secured a ‘significant’ investment from Scottish Equity Partners (SEP) to fund future growth. The company will use the funds for development of its core Shareholding Disclosure, Sensitive Industries and Position Limits product suite, as well as expansion of its client base of 100 or so buy-side and sell-side firms.
“Having bootstrapped our way since 2010, FundApps has experienced exceptional growth in recent years,” says Andrew Patrick White, founder and CEO of FundApps. “But we have only just scratched the surface of the regulatory challenge. It is clear that in SEP, we have found a long-term partner who not only understands the scale of the problem faced by the global investment industry, but one who is excited to work with us to introduce transformative services to an industry crying out for further innovation.”
Launched as a Compliance-as-a-Service (CaaS) business, FundApps helps investment managers and other financial institutions deal with the regulatory burden by combining cloud technology, regulatory expertise, market data and the unique FundApps Community. SEP, a tech-oriented private equity firm, was attracted to the firm in part by its ability to help asset managers and banks automate their increasingly complex regulatory reporting obligations, according to Angus Conroy, director at SEP.