London-based business IOCS has secured £2m investment led by Notion Capital.
With this new investment, the company plans to expand its team to meet increasing demand from banks, insurers and alternative lenders.
It will also invest in new partnerships to take their expand their product into new markets.
No more paper
IOCS provides an online platform which processes complex agreements – higher risk and higher value transactions – which have traditionally needed a paper contract.
They cut out expensive administrative costs and bureaucracy which can stall sales, lead to fraud and contractual disputes.
This announcement comes after the news that IOCS’s systems have processed £2bn worth of transactions.
‘A compelling proposition’
Abe Smith, Founder and CEO of IOCS, believes the business is completely unique.
IOCS opens up more complex and higher value transactions to genuine online execution, not only reducing costs and sales friction but also increasing enforceability and reducing risk. That is a compelling proposition for our customers.
IOCS’s clients include some of the world’s largest automotive and other asset-based lenders, including Hitachi, Bank of Ireland & Close Bros as well other high-value commerce offerings such as BNP Paribas and Next.