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Constance unveils funding in Sydney

SE in fourth cash pledge to Aussie fintech firm

Angela ConstanceScottish Enterprise has handed a further £600,000 to an Australian company taking its support for the fintech business to more than £4m in four funding rounds.

Encompass, which has developed software to combat money laundering, employs just 26 staff in Glasgow but is aiming for 85 over the next three years.

The latest funding is part of a £1.7 million package, with SE’s contribution through the Scottish Investment Bank and the balance from private investors.

Communities Secretary Angela Constance (pictured) made the announcement during a visit with Jane Martin of Scottish Enterprise to the company’s HQ in Sydney

The funding will also anchor a centre of excellence in robotic process automation in Scotland, developing products designed for global use.

Encompass opened an office in Glasgow in 2015 with £450,000 of regional selective assistance and training aid support.

It has since established an R&D facility which Scottish Enterprise supported with a £1.3m grant.

In August 2016 SIB invested c£1.8m in Encompass as part of a £3.6m investment round alongside private sector investors.

Ms Constance said: “Thanks to funding from Scottish Enterprise this £600,000 investment in Encompass will allow the organisation to expand in Scotland, diversify into new geographies and increase its product offer.

“Scotland is playing an active role in the financial technology sector and investment such as this will help promote and enhance this offer.

“We know that companies from all over the world are investing in Scotland which is an international vote of confidence in our economy.”

Wayne Johnson, CEO of Encompass, said: “We are proud to be part of the growing FinTech and RegTech community in Scotland.

“The combination of historical financial services depth, with risk and compliance operations, alongside a growing technology ecosystem make Scotland a great location.

“The further investment from SIB reflects this strategic alignment and will enable us take our unique technology to global markets much faster.”

 

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