Dealflo secures £10 million in Series B funding
Dealflo, the leading provider of end-to-end financial agreement automation services, today announced a £10 million investment round, led by Holtzbrinck Ventures, with follow on investment from Notion Capital and participation from Frog Capital.
The investment follows Dealflo’s rapid growth delivering automated financial agreement processes through its cloud-based platform. The funds will allow Dealflo to expand its commercial operations into new sectors and geographies, as well as invest in its innovative product roadmap. This latest round of financing brings the total funding to £13.5 million.
Since 2012, Dealflo has been helping businesses automate financial agreements, specifically addressing issues of legal enforceability and compliance. This market space represents a $15bn global opportunity across motor finance, consumer credit, mortgages, pensions and insurance. Dealflo is used by leading financial services companies including BNP Paribas, BMW and Prudential.
Dealflo has grown its recurring revenue base by over 500% since its Series A and was placed 34th on the Deloitte UK Technology Fast 50 in 2016. It now has more than 60 employees, with operations in the UK and North America.
“In this round of funding it was important that we chose investors that understood the sectors we operate in, and who have the experience to help us to continue our growth in key international markets,” said Abe Smith, CEO, Dealflo. “We have seen phenomenal growth since we founded the business in 2012 and this investment will enable us to deliver to global clients on a global scale.”
Barbod Namini, Principal at Holtzbrinck Ventures said: “A significant and growing market such as financial services, combined with Dealflo’s unique SaaS platform, represented a highly attractive investment opportunity for Holtzbrinck Ventures. We saw a talented team with deep sector knowledge, a clear product vision and a proven track record of delivering into large enterprises. We are very excited to work with Dealflo to continue to scale their business in both new and existing sectors and territories.”
Stephen Chandler, Managing Partner at Notion Capital added “We are delighted with the progress at Dealflo since we first invested 3 years ago. The company is addressing a massive market opportunity with a truly differentiated product. Its track record of ‘big brand’ client acquisition and retention speaks for itself.”
Mike Reid, Managing Partner at Frog Capital said “This is FinTech solving real problems. Dealflo’s solution is helping major, international clients cope with a triple whammy; more regulation, efficiency by going 100% digital and need for rock solid evidential back-up. We’re delighted to be supporting Abe and his team in building a major financial software powerhouse.”
Dealflo provides unique, end-to-end financial agreement automation services. It processes more than $10bn of financial transactions annually for companies including BNP Paribas, BMW and Prudential in a single service. Dealflo reduces risk and cost, increases conversion and improves user experience by automating the entire process. Dealflo users are protected by ensuring that all agreements fully comply with the mandated process whether being signed online, in a retail store or alongside an intermediary. It increases enforceability with the strongest evidence available, meaning less risk from a legal, compliance and financial perspective. It has operations across North America and EMEA, and is headquartered in London.
Source: Dealflo Press Release