Fintech
Finbourne: fintech startup raises $70 million to push for global expansion
Finbourne, a London-based fintech company that helps large financial services firms manage data, has raised $70 million in a Series B funding round.
The company, founded in 2016, offers its software to firms across all capital markets functions, including portfolio management, fund accounting, process automation, order management and compliance with its software.
“The fintech market in general has been a little doom and gloom, but we operate on the capital markets side, building complex products,” Finbourne CEO Thomas McHugh told Business Insider.
“Given the macro trends and the drive for efficiency, we have not struggled like others have. We are seeing more and more people come to us given the significant changes in cost structures and we now have some of the biggest names in the world in the platform,” he continued.
McHugh said Finbourne had benefited from a contraction in asset management fees and greater consolidation, which had pushed funds to seek greater efficiency.
The Series B was led by Highland Europe together with Axa Venture Partners and follows a $19 million Series A in 2021.
“It’s a brutal market to raise money in but, with this round, we’ve doubled our valuation, we don’t have any strange terms and we’ve found the right partners,” McHugh said.
The funding will be directed towards aggressive expansion plans as the company engages sales, marketing and go-to-market teams in the US, UK, Europe and Australia. The company has about 250 employees and will hire 50 more with the funding, McHugh said.
Check out Finbourne’s TK slide pitch deck below: