London fintech start-up Duco raises $28m Series C to hit $100m valuation
Allowing banks to manipulate large amounts of data through the cloud, Duco was founded eight years ago by a computer science postgraduate from UCL
Duco, a London-based fintech founded in 2010 by a UCL computer science postgraduate, has raised $28m worth of Series C funding.
Backed by Insight Venture Partners, NEX Opportunities and Eight Road Ventures – as well as ex-CEO of SunGard Cristobal Conde – the business is now rumored to be valued at $100m.
Used by a range of financial institutions such as banks and hedge funds, Duco’s tech allows users to manipulate large amounts of data through the cloud.
Led by founder and CEO Christian Nentwich, the fintech start-up currently employs 50 people across its three offices in London, Luxembourg and New York and will use the fresh injection of cash to further European and US expansion and recruitment – as well as open an Asian base.
Christian Nentwich, CEO of Duco, said:
“Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions.
“We have gained considerable traction as the industry looks for intelligent answers to evolving new market realities.
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“Our clients have engaged us globally at a strategic level and are relying on our proven ability to deliver at scale.
“This investment enables us to push further in applying our natural background in computer science to solving fundamental industry problems, while strengthening our resources to deepen relationships with our existing client base.”
Peter Sobiloff, managing Director of Insight Venture Partners, said:
“Insight Venture Partners tracks many companies, but few stand out. Duco is one of the few. The company has already demonstrated tremendous growth, and we are looking forward to scaling that growth to the next level.
“We are impressed by the management team’s ability to deliver tangible impact in a challenging and complex business-to-business environment while amassing an impressive global client list with high customer satisfaction levels and retention rates.
“Insight is looking forward to working with the Duco team.”