Planixs has secured an initial £3.5m minority equity investment from BGF. The company will take advantage of a fast-growing market by using the funding to expand its global customer base, accelerate product development and support recruitment across the business.
Founded in 2011, Manchester-based Planixs works with global financial institutions such as Lloyds Banking Group, Barclays and Zenith Bank, in providing its product suite Realiti®, a cloud-based and on premise technology solution suite delivering real-time intraday cash, collateral and liquidity management capabilities to the financial services industry.
Realiti® helps firms to comply with global BCBS248 regulatory requirements including stress modelling (incorporating UK PRA, FED and European Banking Authority regulations), using Planixs’ highly scalable business intelligence, optimisation and analytics technology platform Graphite which can work with any legacy systems.
The company said Realiti also drives operational savings and improves risk management for banks, financial institutions and large corporates including reducing expensive liquidity buffers.
Led by CEO and founder Neville Roberts, the business recently moved its head office to Union House on Albert Square in the centre of Manchester. In 2018, Planixs ranked 22nd overall in the Sunday Times Tech Track 100 and is the UK’s number one Enterprise Fintech and leading North West technology company. The Tech Track awards are published every year by the Sunday Times and represent some of the fastest growing, profitable and most admired technology companies in the UK.
The investment comes after BGF experienced a record year of investing in the North West in 2018, providing £80m in long-term funding across 16 deals. New investments in 2018 included web hosting company Miss Group, digital solutions manufacturer Evoke Creative and image mapping business Gaist.
Neville Roberts, CEO of Planixs, said: “Planixs has experienced significant growth in a relatively short period due to the team’s commitment to staying at the forefront of technology, simplifying regulatory compliance, driving liquidity cost benefit and delivering against the complexities of legacy systems that continue to permeate the financial system.
“I am hugely proud of what the business and the team has achieved to date and delighted to drive our growth agenda forward with the backing of BGF and its network. There is much more we want to achieve, particularly in terms of innovation and international expansion, and the move from angel investment to the support of a long-term investor in BGF is an important vote of confidence and enabler in those plans.”