FISCAL Technologies, the leading provider of supplier risk intelligence solutions, today announced that they have secured second-round follow-on funding from Octopus Ventures, and Calculus Capital.
FISCAL Technologies award-winning software, NXG Forensics®, uses the latest AI and forensics to prevent fraud and provide a unique view of supplier risk. The platform is used by 300 organisations around the world to protect over £400 billion of annual spend. The additional capital provided by Octopus and Calculus will be focussed on building out the platform’s range of modular SaaS applications, with a particular focus on increasing regulatory risks such as sanctions and ESG monitoring.
Daniel Cashen, Chief Product Officer, FISCAL explained : “A typical large organisation uses thousands of suppliers and spends a lot of time carrying out background checks before onboarding them, but very few have the time and resources to continuously check every supplier every day for risk, fraud and regulatory compliance. We have built a unique platform, proven over 10 years, that uses the latest forensics and AI to surface risk before it has a financial and/or reputational impact”
According to recent researchfrom the Purchase to Pay Network, 96% of organisations do not check their suppliers daily, and the risks of supplier-initiated fraud are the single biggest factor keeping senior finance leaders up at night. The supplier risk intelligence solution from FISCAL Technologies is the solution for large organisations facing fast-changing regulatory changes, increasing tariffs and Brexit and Covid-related difficulties – a perfect storm of supplier spend risk.
David Griffiths, CEO, FISCAL highlights: “I am very proud of how FISCAL and our staff have risen to the challenge and grown in an adverse business environment. Our continued investments are paying off well, we’re seeing significant uptake in our solutions and we’re delighted with the continued support from Octopus and Calculus to help accelerate our growth”
Edward Keelan, Investment Principal, Octopus Ventures said: “Supply chain risk is rapidly rising up business agendas and FISCAL’s progress over the past two years has shown that it has the technology those businesses need to alleviate that risk. It’s well placed to become a vital piece in supply chain security and we’re pleased Octopus can continue our support as it continues to grow and build on its leading position.”
FISCAL and its NXG Forensics® platform is changing how Finance and Procure-to-Pay teams manage supplier risk. This SaaS solution provides a real-time risk view of an organisation’s supplier base, protects working capital and increase profitability, while defending against reputational and financial risks and maintaining regulatory compliance.
1 Purchaser to Pay Network (PNN) annual Supplier Risk Management survey 2022