Scottish Equity Partners (SEP) has completed a "significant" growth equity investment in regulatory technology company FundApps.
As the first ever compliance-as-a-service (CaaS) business, FundApps has transformed the way investment managers deal with the regulatory burden by combining cloud technology, regulatory expertise and market data.
The London-headquartered business has more than 100 clients, from hedge funds, asset managers and sell-sides, to the world’s largest sovereign wealth funds. Collectively, its services monitor around 10% of global assets under management.
The undisclosed investment from SEP will drive product innovation and support further expansion of the international client base.
Andrew Patrick White, founder and chief executive of FundApps, commented: “Having bootstrapped our way since 2010, FundApps has experienced exceptional growth in recent years, but we have only just scratched the surface of the regulatory challenge.
“It is clear that in SEP, we have found a long-term partner who not only understands the scale of the problem faced by the global investment industry, but one who is excited to work with us to introduce transformative services to an industry crying out for further innovation.”
Angus Conroy, director at SEP, added: “The business has an excellent reputation amongst its clients for product innovation, proactive support, and cutting-edge underlying technology.
“New clients joining the platform benefit from access to a growing community of compliance professionals using the service.
“We see substantial growth potential and are delighted to be partnering with the FundApps team at this exciting time in the company’s development.”
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