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HSBC loans £5m to cybersecurity firm Glasswall

HSBC Glasswall Danny Lopez CEO, Steve Roberts CFO/COO and Dinis Cruz Chief Scientist

HSBC is lending £5m to London-headquartered file-based cybersecurity company Glasswall to enter new markets.

Glasswall will use the loan, which comes from HSBC UK’s Growth Lending fund, to enter the Canadian, Australian and New Zealand markets. It currently also has a headquarters in the US.

Danny Lopez, CEO of Glasswall, said: “We are extremely excited to be strengthening our partnership with HSBC UK as we aim to continue our growth rate and achieve profitability.”

Launched in 2010, Glasswall’s security software is used by businesses to remove any threats that could be hidden on an individual file level.

Each file goes through a process of validation, reconstruction and cleaning to avoid any potential security problems.

“The transaction represents the eighth deal from our Growth Lending fund, and showcases HSBC UK’s ability to support high-growth technology scale-ups throughout their entire lifecycle,” said Roland Emmans, head of technology sector & growth lending at HSBC UK.

The £250m Growth Lending fund was launched by the bank last year to support UK “loss-making” tech scaleups and has gone on to invest in nanotech company P2i, women’s health company Elvie and edtech company Kortext.

The investments form part of HSBC’s growing presence in the UK tech industry. It acquired Silicon Valley Bank UK and all of its startup customers in March this year in an eleventh-hour rescue deal. Last month, it rebranded Silicon Valley Bank UK to HSBC Innovation Banking at London Tech Week.

In April, HSBC UK also invested £30m in smart home device business Myenergi to upgrade its headquarters, which came from a separate investment vehicle to the Growth Lending fund.