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London-based open banking startup Armalytix helping SMEs improve financial planning bags £1.25M funding

Armalytix

The open banking platform from London, Armalytix transforms the way firms interact with their clients. Now, the company announced that it has closed a £1.25 million funding, which brings the total funds raised by the fintech to £2.79 million.

Investment to expand reports

The investment came from Brian Schweiger, former Global Head of Equity Markets at the LSE and Jon Beebe, former Global Head of Equities at Barclays. It was also supported by senior figures from the world of banking and finance, all of whom have experienced first-hand the issues of collecting, compiling and analysing financial data by hand.

The investors fully endorse Armalytix, which aims to help eliminate the common issues companies face with daily financial data sharing.

This investment will be used to fuel the mission of Armalytix to form a free future for businesses that need information on their clients’ finances. The funding will also Armalytix to develop new processes eradicating high costs and time for clients and expand the range of reports offered into new industry verticals.

Richard McCall, CEO of Armalytix commented: “This funding will increase our presence in the world of financial technology and allow us to extend our tools across other multi-industry settings, including mortgage advisors, gambling and gaming, and wealth management platforms. Our investors are supporting our vision of shaping the future of financial information sharing, taking Armalytix a step closer to revolutionising how businesses collect and manage bank data in a paperless world.”

Bridging the gap between businesses and finances

Founded in 2019, Armalytix’s core goal is to replace professional and financial services forms and paperwork for fast, safe and accurate data sharing. The powerful tool reshapes how accounting and legal firms operate, cutting time traditionally spent on data collection to save hundreds of hours of work. Eventually, it saves time, increases compliance, improves accuracy and enhances security.

Armalytix’s sophisticated software solves the issues associated with blurry photocopied statements, missing data, and insecure csv files, all of which present convenience, security, and authenticity problems. It gives companies the analysis they need to interpret the data. For Armalytix, formless financial management powered by Open Banking is the solution.

With Armalytix, accountants, finance and legal professionals can request financial data and analysis directly from their clients’ bank accounts, for specific dates spanning years. Currently, it is the only service offering a combined service of bank statement verification, financial data retrieval and source of funds reporting service, all streamlined in one platform.

It is a simple and reliable alternative to conventional data collection methods. It has been a finalist in the Open Banking Expo awards, alongside firms such as Starling and HSBC.