Scottish FinTech company, AutoRek secured a significant equity growth investment from private equity firm Scottish Equity Partners (SEP).
The funding will be used to extend its offering internationally, boost its team and step up its product development.
Furthermore, the association with SEP will support the company to further enhance its proposition to address a $2bn global regulatory and data management software market, the firm said.
While the details of the SEP investment have not been disclosed, the funding has reportedly been made under the firm’s £260m SEP5 fund, The Times reported.
Boasting of a clientele including Bank of England, Lloyds Banking Group and Nationwide, AutoRek’s cloud-based data management software provides regulatory reporting and data management products to financial companies across the asset management, banking and insurance sectors.
Commenting on the new investment, AutoRek co-founder and chief executive Gordon McHarg said, “SEP has extensive experience in the software sector and we are looking forward to working with them to build on our recent growth and to capitalise on the substantial opportunity within the global financial services market.”
AutoRek, which was established in 1994 as a Microsoft consultancy business, employs more than 80 staff across its offices in Glasgow, Edinburgh and London – a figure it plans to scale up massively in the next five years.
Copyright © 2018 RegTech Analyst
