B2B fintech company Fennech, which provides tools such as auto payments and virtual accounts, has landed £2.3m in a round led by Lloyds Banking Group.
The round consisted of £2m from Lloyds Banking Group’s Strategic Fintech Investment team and the remainder came from high-net-worth angels.
“Lloyds Banking Group’s support means we can accelerate our growth plans and we are immensely excited about that,” said Emmanuel De Rességuier, CEO of Fennech.
“The funding will enable us to continue developing the best possible products and services with advanced technology and digitalisation.”
London-based Fennech has created financial software that can be used by businesses to control accounts, payments, funding and liquidity.
The platform uses low code, which means systems can be built using drag-and-drop graphical interfaces rather than coding from scratch.
It marks the latest fintech investment for the banking giant. This year Lloyds Bank has already invested £10m into the digital ID company Yoti as well as £4m into the motoring admin app Caura.
Kirsty Rutter, director of fintech investment at Lloyds Banking Group, said: “Our investment in Fennech forms part of our commitment to supporting the fintech ecosystem in the UK and expanding our client capabilities through the use of cutting-edge technology.”
The bank’s fintech investment team backs firms at seed to Series B.
Fennech chief executive De Rességuier was previously Deutsche Bank’s global head of insurance and speciality finance.