Fintech firm Dealflo clinches £10m Series B
London-based financial agreement automation service will use funding to expand both
Dealflo, a provider of financial agreement automation services, has secured £10m in funding, led by Holtzbrinck Ventures, with follow on investment from Notion Capital and participation from Frog Capital.
Started in 2012 by Abe Smith, London-based Dealflo’s cloud-based platform helps businesses automate financial agreements, addressing issues such as legal enforceability and compliance and helping to reduce risk and cost. Its customers include BNP Paribas, BMW and Prudential.
Since completing its Series A, 60-strong Dealflo claims to have grown by more than 500% and has now launched operations in the UK and North America.
This latest finance brings its total funding to £13.5m and will be used to expand into new sectors and territories, as well as to explore new product opportunities.
Smith commented: “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.
“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: “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.”