London headquartered financial automation services firm, Dealflo closes out series B funding with £10 million in a round led by Holtzbrinck Ventures, with follow on investment from Notion Capital and participation from Frog Capital.
Dealflo came about in 2012 as an answer to the cumbersome red tape and lack of streamlined automation in dealmaking. Companies who wanted to automate their financial agreements had to consider multiple types of software and services, from online application to identity verification, authentication, document generation, e-signature and storage. According to Dealflo, this exposes businesses and advisors to increased risk.
Dealflo is an end-to-end service that uses the power of automation to condense all the elements of financial agreements onto one platform–not just traditional eSign software.
The company specifically addresses issues of legal enforceability and compliance. This market space represents a $15 billion 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, and has grown its recurring revenue base by over 500 per cent since its series A round, 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.”
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.
“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,” Barbod Namini, Principal at Holtzbrinck Ventures said.
Norton Capital managing partner, Stephen Chandler, has been tracking the company’s growth since the firm first invested in DealFlo in 2014. “We are delighted with the progress at Dealflo since we first invested three 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,” he said.
For Frog Capital’s Mike Reid, Dealflo represents fintech in its truest form; solving real problems. “Dealflo’s solution is helping major, international clients cope with a triple whammy; more regulation, efficiency by going 100 per cent 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.”
This latest round of financing brings the total funding to £13.5 million.