Glasgow-based fintech Beeks again ups revenue guidance after inking seven-figure contract

Glasgow-based Beeks Financial Cloud Group has announced again that it expects its full-year results to overshoot current market expectations after inking a $2.2 million (£1.6m) contract with what it says is one of the world’s largest foreign exchange brokers.

The fintech firm, which describes itself as a cloud computing and connectivity provider for financial markets, said the four-year deal with a new customer further boosts the growing number of tier one financial services names on its books, and marks “another significant” contract for its Proximity Cloud offering, which was launched in August.

The product “is considered by Beeks to be the industry's first private cloud environment for financial markets, a high-performance, dedicated and client-owned trading environment, fully optimised for low-latency trading conditions and built with security and compliance at the forefront”.

'The prospects for Beeks have never been more promising, and with a growing pipeline we are excited by the opportunity ahead,' says Beeks boss Gordon McArthur. Picture: Layton Thompson.

Beeks added that its “addressable market” is “extensive, with up to 20,000 financial institutions around the world, a large percentage of which maintain their own IT infrastructure and are yet to move to the cloud computing model”.

The Scottish firm also said the new contract, combined with positive trading with new and existing clients, means that it now anticipates revenues for the year ending June 30, 2022, will be ahead of current market expectations.

“The additional revenue will be reinvested in the further development of the Proximity Cloud offering, to capitalise on its growing sales pipeline and significant market opportunity,” the firm said.

Chief executive Gordon McArthur said: “The rate and size of new contract wins demonstrate the potential for Proximity Cloud, addressing a significant part of the financial services market for whom the public cloud is not sufficiently secure.

“The successes with our tier one clients mean we are now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.

“The prospects for Beeks have never been more promising – and with a growing pipeline, we are excited by the opportunity ahead.”

Mr McArthur set up Beeks in 2011, and in November 2017 it debuted on London’s junior market Aim, raising £7m via the initial public offering. In September last year it said it was expecting revenues for its present financial year to beat then-current market expectations.

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