London-based FINBOURNE, a fintech company that provides modern financial data stacks, announced on Tuesday that it has secured £55M (approximately €65M) in a Series B funding round led by Highland Europe and AVP.
The funding announcement comes three years after raising £15M (approximately €17M) in a Series A funding round in 2021.
This investment will fund the next phase in FINBOURNE’s commercial development, including expanding its sales, product, and marketing capabilities in the US, UK, Ireland, Singapore, and Australia.
Thomas McHugh, CEO and Co-founder of FINBOURNE Technology states, “This funding round and support from top-tier investors will help us deliver our enhanced go-to-market strategies.”
“By significantly investing in go-to-market initiatives across our key segments, we can help even more global investment management, banking, and capital markets firms access and utilise a trusted and consolidated view of their financial data across the front, middle, and back office,” adds McHugh.
FINBOURNE: Simplifying data
Founded in 2016 and led by Thomas McHugh, FINBOURNE offers a cloud platform that securely stores investment data and maintains a complete history of all transactions and adjustments.
This helps businesses improve data access, streamline user interfaces, and reduce operational and capital expenses.
The company’s SaaS-based LUSID platform delivers front-to-back functionality across portfolio management, fund accounting, order management, compliance, and more.
It allows for the democratisation of data with entitlements, lineage, and utilisation metrics embedded.
In the last year, FINBOURNE has announced a string of new clients across the global investment management, banking, and capital markets sectors — Northern Trust, Omba Advisory, and the Pension Insurance Corporation (PIC).
The investor
Highland Europe invests in exceptional growth-stage software and internet companies.
The company has raised over €2.75B and has invested in companies such as Adjust, AMCS, Camunda, ContentSquare, Cobalt.io, Descartes, Deepki, GetYourGuide, Huel, Malwarebytes, MatchesFashion, NewVoiceMedia, Nexthink, Spot.io, Supermetrics, WeTransfer, Wolt, and Zwift.
Highland’s collective history of investments across the US, Europe, and China includes 52 IPOs and 19 billion-dollar-plus companies.
Tony Zappala, Partner, Highland Europe comments “Over the past few years, FINBOURNE has built a revolutionary SaaS platform that is enabling many of the world’s biggest financial institutions to move from legacy, siloed solutions to a modern data architecture, allowing full, real-time visibility and optimal decision making. We look forward to supporting the FINBOURNE team as it expands operations globally to support more clients and continues its mission to deliver cost and operational efficiencies at scale.”
AVP is a global venture capital firm specialising in high-growth, technology-enabled companies, managing more than $2B in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds.
Since its inception in 2016, AVP has invested in more than 60 technology companies in the Venture and Growth stages in the US and Europe.
Imran Akram, General Partner, AVP says, “When the team first showed me in 2020 that they could integrate investment data from the full universe of assets held by managers into a single platform, they had me hooked. Today this is a clear differentiator and is especially important to the emerging AI wave. We are excited to help FINBOURNE as they expand their product suite and bring its benefits to a broader set of financial services customers.”
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