Tuesday 17th December, 2019
FISCAL Technologies has announced that it 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.
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.
As part of the transaction, Edward Keelan from Octopus Investments will join the FISCAL Technologies board.
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 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.
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.