ScaleUp Group ‘SUG’ is pleased to announce its client FISCAL Technologies, a unique global provider of Forensic Risk Management Solutions, has obtained ‘Series A’ growth funding lead by Octopus Investments’ Development Capital Team supported by Calculus Capital and members of SUG itself.
FISCAL is an award winning UK (Reading based) business, with a Raleigh, North Carolina, USA operation and it has been entirely self-funded since it was founded in 2003. FISCAL has achieved consistent profitable growth throughout this period. It has processed over 1 billion transactions with a value of over £5 trillion in spend. 250+ clients are using its AP or NXG Forensics® software to address Purchase to Pay transactional risk, with real-time controls, Supplier Risk Profiling and extensive Reporting/Dashboards.
John O’Connell, Executive Chairman of SUG commented “We were asked to conduct a structured fund-raising process which created considerable interest from the Fund community. Offers were received after we identified that FISCAL qualified as being ‘Knowledge Intensive’ under EIS/VCT rules. We are delighted that in Octopus and Calculus, FISCAL has two very prestigious VCTs backing its growth plans. John continued “FISCAL is in our portfolio of clients whom we help on their journey to being ‘Global Champions’. I am delighted they have recently announced a partnership with another client of SUG – ‘Cloudtrade’. Two SUG Members, Adam Hale and Alan Laing (the later as Chairman) have an involvement already with FISCAL, which will be underpinned by several others becoming shareholders too.”
David Griffiths, co-Founder and CEO of FISCAL said “Having established ourselves as a disruptor in the purchase-to-pay market, we now want to leverage what we’ve achieved to further accelerate our growth through both our channels and directly. This investment, introduced by SUG, will also help us to ensure we retain our product leadership and maintain the world class service we provide to our customers, such as BAE Systems and Debenhams.”
Richard Court, Head of Development Capital at Octopus Investments, said “We are very appreciative of SUG bringing to our attention such a quality, growth business as FISCAL, which has earned the right to significantly increase its impact with its unique solution. We look forward to working with the team to help realise their potential.”
About FISCAL Technologies. FISCAL Technologies is a world leading provider of forensics and artificial intelligence powered solutions and services that empower purchase – to pay teams across the globe to protect their organisational spend. Incorporating unique technology to reduce risk in the supply chain, FISCAL’s award-winning cloud-based risk management platform is used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
About ScaleUp Group (SUG) – #GrowingGlobalChampions – SUG’s 26 members have successfully founded, led and invested in over 100 high growth tech businesses leading to £4 billion of exits. SUG members provide their unique global expertise, experience and connections to accelerate the pace of high growth tech businesses by securing appropriate growth funding (backed up by members’ personal investment) and supporting our clients through their ScaleUp growth phase by: introducing talent from their network, facilitating trading introductions and introducing our clients into our extensive global ScaleUp ecosystem.
For further information, please contact Paul Excell firstname.lastname@example.org +44 7860 615395