Scottish Equity Partners seals 'significant' investment in one of world’s top regulatory technology companies

Scottish Equity Partners (SEP) has continued its recent run of activity after completing a “significant” investment in one of the world’s top regulatory technology companies.

As the first ever compliance-as-a-service (CaaS) business, FundApps is said to have transformed the way investment managers deal with the regulatory burden by combining cloud technology, regulatory expertise and market data.

The “RegTech” disruptor has more than 100 clients, ranging from hedge funds, asset managers and sell-sides, to the world’s largest sovereign wealth funds. Collectively, FundApps’ services monitor more than 10 per cent of global assets under management.

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The investment from SEP will drive continued product innovation and support further expansion of the international client base.

Angus Conroy, director at SEP: 'The business has an excellent reputation amongst its clients for product innovation, proactive support, and cutting-edge underlying technology.'

Andrew Patrick White, founder and chief executive of London-headquartered FundApps, said: “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: “FundApps offers an outstanding software solution to asset managers and banks, enabling automation of increasingly complex regulatory reporting requirements.

“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.”

Just last month Scottish Equity Partners completed a $25 million (£18m) investment in a growing technology business with the likes of BP and Procter & Gamble on its books.

Basis Technologies is a provider of DevOps and test automation software for SAP enterprise software systems. It is based in Richmond, London, with several overseas operations.

The firm is said to have experienced significant growth in recent years and investment from SEP will enable the business to further accelerate product development and increase adoption of its software through expansion of global sales and partnership capabilities. The company already employs more than 70 people.

In March, SEP completed a “significant” growth equity investment in Glasgow-based fintech firm AutoRek.

The aim is that investment from the private equity group will enable the company to accelerate its product development plans and further extend its offering internationally.

At the start of 2021, it emerged that a major online crafting community with millions of users around the world has sealed an acquisition and secured funding worth $22m from parties including SEP.

LoveCrafts, which is present in 140 countries and is chaired by ITV chairman Sir Peter Bazalgette, secured the sum from existing investors, who also comprise Highland Europe and Balderton Capital, alongside Silicon Valley-based debt provider TriplePoint Capital, to facilitate the purchase of Webs – America’s Yarn Store.

SEP backed Scotland’s Skyscanner, which grew to a global travel giant.

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