FISCAL Technologies secures £3.6 million investment to drive global expansion for its procure-to-pay risk management solution
17th December 2019
FISCAL Technologies, a world leading provider of forensic solutions and services, that empower purchase-to-pay teams across the globe to protect their organisational spend, has secured a £3.6 million funding round. The Funding has been led by Octopus Investments’ Development Capital team alongside Calculus Capital, following introduction from the Scaleup Group.
FISCAL Technologies has processed over 1 billion transactions over 10 years and protected £5 trillion in organisation spend. It is now relied on by leading corporations and public sector organisations across the globe. It incorporates unique forensics technology combined with machine learning and AI to reduce risk, fraud and compliances issues in the Procure-to Pay function. FISCAL’s NXG Forensics® enterprise solutions are used on a continuous, preventative basis to protect supplier spend to increase profitability and drive process improvement.
The funding will be used to expand FISCAL Technologies’ core UK market and fast-track growth in US and Europe through its direct teams and partners. The company aims to invest extensively in talented staff to help drive the business and its solutions forward where it already has a growing presence.
David Griffiths, CEO, FISCAL Technologies, stated: “This funding round marks a pivotal milestone for FISCAL Technologies. It will accelerate our field operations and international expansion, along with significant growth in our customer base. These investments are all part of our focus on meeting demand for our market-leading technology.”
“With strong support from our enterprise customers, increasing engagement with key industry analysts validating our visionary approach, and extraordinary backing from top tier investors, we anticipate becoming the essential foundation for any procure-to-pay, accounts payable or shared service teams. We are thrilled to have Octopus Investments, and Calculus as partners on this journey,” added Mr Griffiths.
Richard Court, Head of the Development Capital at Octopus investments added: “FISCAL Technologies is a hugely exciting business with a very impressive and loyal customer base. What particularly impressed us was the near-term demonstrable return on investment its customers are seeing, coupled with incredibly strong product feedback. We look forward to working with David and the team to further accelerate the growth of the business.”
As part of the transaction, Edward Keelan from Octopus Investments will join the FISCAL Technologies board.
About FISCAL Technologies
FISCAL Technologies empowers finance teams worldwide, to protect organisational spend.
By combining forensic and Artificial Intelligence powered analytics, FISCAL’s risk management platform provides actionable intelligence to reduce costs, defend against fraud and drive process improvement.
Since 2003, FISCAL’s solutions have processed over 1 billion transactions, protecting over £5 trillion in spend and are relied upon by leading private and public sector organisations across the globe.
+44 (0)845 680 1905
About Octopus Investments
Octopus Investments, part of Octopus Group, is an award-winning, fast-growing investment business dedicated to delivering quality services and products to financial advisers and investors across the UK. We offer a broad portfolio ranging from tax-efficient investments to multi-manager funds, UK smaller company investing, cash management solutions and peer to peer lending. At Octopus we champion the value of financial advice and passionately believe that more people and their families could benefit from financial planning. We want to change the world of investments by offering a straight-talking approach, exceptional customer service and a range of products that aim to do what they say they will.
Hester Decouz / Sam Ferris
020 3935 4114
About ScaleUp Group
SUG’s 26 members have founded, led and invested in well over 100 high growth businesses and have engaged with over £4 billion of exits in technology. They provide their expertise, experience and connections globally to help accelerate the pace of high growth tech businesses by identifying and helping to secure appropriate funding, backed up by members’ personal investment; introducing management talent from their network; facilitating trading introductions and inducting our clients into our extensive ecosystem.
For further information, please contact Paul Excell
[email protected]/ +44 7860 615395