Nucleus targets increased inflows with new contract

Nucleus founder and chief executive David Ferguson says the deal will 'build on the assured progress of recent years'. Picture: Lisa Ferguson
Nucleus founder and chief executive David Ferguson says the deal will 'build on the assured progress of recent years'. Picture: Lisa Ferguson
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Nucleus Financial, the Edinburgh-based wrap platform provider, is seeking to grow its inflows and assets under administration (AUA) after inking a new technology services agreement.

The Aim-quoted fintech has agreed a long-term contract that will see it work directly with Bravura, the company which provides the core software product that underpins the Nucleus platform.

The new agreement, effective immediately, will enhance the control Nucleus has over the platform’s technology, enabling it to accelerate the rate of product development to benefit users and “deliver further margin expansion”, the firm said.

The board believes this will assist the company in driving future inflows and AUA growth.

Bravura has provided software services since Nucleus launched, but until now access to the platform has been provided through an outsourcing agreement with OpenWealth, a third party which will continue to provide business process services.

Nucleus founder and chief executive David Ferguson said: “Nucleus has grown strongly in the last few years and we expect this development to allow us to accelerate the pace of change to allow us to build on the assured progress of recent years.”

Andrew Smith, chief technology officer at Nucleus, added: “This new arrangement is of vital importance to the ongoing process and pace of development at Nucleus as we prepare the business for significant scale in our second decade in business.

“By working with Bravura directly, we believe we will be able to better deliver regular platform updates that will substantially improve propositional and regulatory change for the benefit of our users and their clients.”