FISCAL Technologies, a leading provider of forensic solutions and services, that empowers 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.
Reading-based 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 in 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.
Wilson Partners advised Octopus Investments on the deal. Tom Bradbury, senior manager at Wilson Partners, said: “FISCAL Technologies operates from a strong position within a specialised sector and this is an exciting opportunity for management to take the business to the next level. Octopus will be a great partner to support them on that journey and we wish them all the very best.”