E-contract processing start-up IOCS secures £2m Notion Capital-led funding
Investment follows £2bn of transactions processed over 12 months
E-commerce start-up IOCS today announced the closure of a £2m Series A funding round, led by tech-focused VC firm Notion Capital.
Founded in 2009 by a team of e-commerce industry veterans, IOCS operates a Software-as-a-Service (SaaS) offering, which it claims is the world’s first end-to-end solution for processing high-value and complex contracts like credit, leasing and insurance agreements entirely online.
IOCS said that despite the widespread use of e-commerce for simple card-based purchases online, complex and higher-value agreements have continued to rely on paper-based processes for execution, increasing administrative costs, security risks and bureaucracy.
It said its SaaS offering is the first to automate every stage of the contract processing procedure in a single system, cutting the time required to execute agreements in half and increasing conversion rates by up to a quarter.
The £2m Notion Capital-led funding comes on the back of a strong period of growth for the business – IOCS processed more than £2bn of transactions on its platform in the last year from clients including Hitachi, Bank of England, BNP Paribas and Next.
The Series A round was supported by a consortium of angel investors including the founder and CEO of FinTech consultancy Anthemis Udayan Goyal, and Shane Happach, chief commercial officer of Worldpay.
IOCS said the funding will be used to accelerate market execution of its platform, in addition to funding new staff hires.
Abe Smith, co-founder and chief executive of IOCS, said: “Despite all the hype, electronic commerce currently makes up only about 2% of the $80 trillion Gross World Product.
“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.”
Stephen Chandler, managing partner of Notion Capital, said: “IOCS delivers turnkey e-contract execution that is providing great results with tremendous growth potential for their customers.
“Whilst early adoption has focused on point-of-sale asset finance, the technology is extendable to other geographies and sectors including insurance, invoice factoring and mortgages. Each is a multi-billion dollar market in its own right and IOCS has first-mover advantage, genuine scale and momentum. We are excited to be a part of their journey.”