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Fintech firm agreement

Nucleus sees software deal boosting inflows

David FergusonNucleus Financial, the Edinburgh-based wrap platform, is looking to accelerate growth of assets under administration after signing a new technology services agreement.

The Aim-quoted fintech company will work directly with Bravura Solutions to provide direct access to its Sonata application, the core software product underpinning the Nucleus platform.

This new agreement, coupled with recent recruitment in key areas of its technology team, will enhance the company’s control over the platform technology and enable Nucleus to accelerate the rate of product development for the benefit of its users. The board believes this will help the company drive inflows and AUA growth.

Access to the Sonata application has, to date, been provided through an outsourcing agreement with OpenWealth. 

The new agreement will see Nucleus have a direct contractual relationship with Bravura for the Bravura Sonata application and associated change management services. A new dedicated team has been set up internally with additional resources to ensure a seamless transition.

Andrew Smith, chief technology officer of Nucleus, said: “We are excited to be working directly with Bravura after working with them indirectly for such a long period. This new arrangement is of vital importance to the ongoing process and pace of development at Nucleus as we prepare the business for significant scale in our second decade in business.

“By working with Bravura directly, we believe we will be able to better deliver regular platform updates that will substantially improve propositional and regulatory change for the benefit of our users and their clients.”

David Ferguson, founder and chief executive of Nucleus (pictured), said the agreement would “ultimately support our plans to deliver further margin expansion.

“Nucleus has grown strongly in the last few years and we expect this development to allow us to accelerate the pace of change to allow us to build on the assured progress of recent years.”

Tony Klim, group CEO of Bravura, said: “We have been working with Nucleus since it launched and we are pleased to see the relationship develop to this point.

“Sonata enables Nucleus to connect and engage with their clients anytime, anywhere, using their choice of device. We hope that by working directly with us, Nucleus will be able to develop their technology further to benefit its users positively.”

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