Planixs, a high-growth FinTech company, has secured an initial £3.5m minority equity investment from BGF, the UK and Irelands most active investor in growing businesses. The company will take advantage of a fast-growing market by using the funding to expand its global customer base, accelerate product development and support recruitment across the business.
Founded in 2011, Manchester-based Planixs works with global financial institutions such as Lloyds Banking Group, Barclays and Zenith Bank, in providing its market-leading product suite Realiti, a cloud-based and on premise technology solution suite delivering real-time intraday cash, collateral and liquidity management capabilities to the financial services industry.
Realiti helps firms to comply with global BCBS248 regulatory requirements including stress modelling (incorporating UK PRA, FED and European Banking Authority regulations), using Planixs highly scalable business intelligence, optimisation and analytics technology platform Graphite which can work with any legacy systems. Realiti also drives operational savings and improves risk management for banks, financial institutions and large corporates including reducing expensive liquidity buffers.
Led by CEO and Founder Neville Roberts, the business recently moved its head office to Union House on Albert Square in the centre of Manchester. In 2018, Planixs ranked 22nd overall in the Sunday Times Tech Track 100 and is the UKs number one Enterprise Fintech and leading North West technology company. The Tech Track awards are published every year by the Sunday Times and represent some of the fastest growing, profitable and most admired technology companies in the UK.
The investment comes after BGF experienced a record year of investing in the North West in 2018, providing £80m in long-term funding across 16 deals. New investments in 2018 included web hosting company Miss Group, digital solutions manufacturer Evoke Creative and image mapping business Gaist.
Neville Roberts, CEO of Planixs, commented: Planixs has experienced significant growth in a relatively short period due to the teams commitment to staying at the forefront of technology, simplifying regulatory compliance, driving liquidity cost benefit and delivering against the complexities of legacy systems that continue to permeate the financial system.
I am hugely proud of what the business and the team has achieved to date and delighted to drive our growth agenda forward with the backing of BGF and its network. There is much more we want to achieve, particularly in terms of innovation and international expansion, and the move from angel investment to the support of a long-term investor in BGF is an important vote of confidence and enabler in those plans.
Pinesh Mehta, an investor at BGF, said: Planixs has built the market-leading FinTech solution for its rapidly-growing client base, delivering big data at scale and taking advantage of opportunities opening up due to important regulatory drivers.
Were delighted to be partnering with a strong, experienced management team, supporting them to deliver their world-class solutions and technology to a global market.
Andy Gregory, BGFs Head of Investments in the North, Scotland & Ireland, said: Manchester is quickly becoming a global FinTech hub in the North West, with some great investments in infrastructure to date. Many of the UKs leading financial services businesses have their back-office payment processing teams based here and were therefore seeing high levels of innovation to help them streamline their processes and manage their systems in a more efficient way. Were delighted to be part of the UKs FinTech growth story with our investment in Planixs. BGF invested in one business per week in 2018, and were ready to support more ambitious businesses in this industry and in Manchester in 2019.
The investment was led for BGF by Pinesh Mehta and Rhys Davenport.
The advisors to the transaction were:
BGF: Hill Dickinson (Legals), Paul Bosson (Financials)
Planixs: Robert Turnbull and Barry Riley at Weightmans (Legals)
Planixs is a leading provider of analytical, forecasting and modelling software solutions across multiple industries including Financial Services and Human Capital Management. Built on its underlying technology platform, ˜Graphite, Planixs solutions rapidly deliver significant business benefits to its clients, which include major global financial organisations.
Social media: @Planixs
- BGF was set up in 2011 and has invested more than £1.8bn in over 260 companies, making it the most active investor in the UK and globally by number of transactions. On average, BGF invested in one company per week in 2018.
- BGF has £2.5bn to invest in UK SMEs and in Ireland, and an additional ‚¬250m to support Irish businesses. Earlier this year, Canada launched its equivalent “ the Canadian Business Growth Fund “ based on BGFs funding model, and Australia is now actively exploring the approach as well.
- BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
Social media: @BGFinvestments
Tel: +44 (0) 161 298 8822
+44 (0) 7802 430621
Petal & Co PR (BGF)
: +44 (0) 7590 056909