LONDON, July 30,
2024 /PRNewswire/ -- FullCircl, a UK-based
RegTech which is uniquely placed at the intersection where revenue
meets regulation, has reported its best ever quarter amid three
consecutive quarters of significant growth. The business saw
new order intake increase by 96% year-on-year, translating into
double digit compound growth in revenue and not at the expense of
EBITDA positivity which the Group has maintained. These numbers
reflect the unique opportunity FullCircl see to lead in the
provision of a single platform that drives revenue accretion and
regulatory compliance as a viable alternative to fragmented point
solutions.
The lineage of FullCircl, created just two years ago, comes from
the integration of three UK businesses – Artesian Solutions,
DueDil, and W2 Global Data – brought together with a single
platform vision helping customers drive revenue but with a strong
emphasis on addressing compliance, risk and regulation from the
very beginning.
Andrew Yates CEO at FullCircl commented "Our vision was to
create FullCircl as a single platform which uniquely aligns revenue
growth with risk and regulatory adherence - as an
attractive alternative to fragmented point solutions which
make integration across Customer acquisition, onboarding and
ongoing monitoring complex, expensive and time consuming, at a time
when the pressure is on to reduce complexity, reduce cost to serve
and say yes (or no) faster. The response from our customers has
been very positive reflected in these numbers. We are now
undertaking over half a billion activities each month for our
customers."
Further underpinning this growth, FullCircl has also today
announced the successful completion of a debt refinancing round
with Salica Investments Growth Debt Fund, providing additional
working capital to take advantage of its positive momentum. The
largest debt deployment in the history of the Salica Growth Debt
Fund, this deal underscores the strength of FullCircl's proposition
and market confidence in its ability to continue on such a strong
growth trajectory.
This new injection of capital will be pivotal in fuelling the
next stage of FullCircl's journey - helping fund its extensive new
product development in the area of transaction monitoring, adding
to its existing AI capabilities, grow its share of the identity
verification (IDV) market, deepen its broad range of Smart
capabilities, and strengthen its strategic partnerships.
"The decision to back FullCircl was compelling" said
Usman Ali, Partner at Salica Growth
Debt Fund, speaking about the debt provision "FullCircl is in a
unique position in its market, poised to capitalise on previous
investments and is now starting to exploit the opportunity. With
double-digit growth and near-perfect customer retention in its key
segments, this is a business that knows how to execute. The debt
facility we have provided, the largest in our company's history, is
a reflection of the exceptional team at FullCircl who are solving a
critical and complex challenge, that's worsening for many regulated
businesses who are seeing an increase in fraud, driven
by new generative AI technologies."
Andrew concluded: "I would like to thank every member of our
team for their contribution in helping us achieve this significant
growth milestone – the strongest growth period in the history of
FullCircl is validation of our efforts to integrate three leading
specialists into a single RegTech platform with a revenue angle. As
a company which has been profitable for a long period, the backing
from Salica Investments creates additional
working capital to invest in future growth as we strive to increase
our market share and continue evolving our services for the needs
of our customers."
NOTES TO THE EDITORS
About FullCircl:
FullCircl is a B2B SaaS company that brings regulation fully
in-step with customer acquisition, creating better business from
the start. Its global solutions drive revenue growth, keep risk and
compliance in check, and streamline customer onboarding. Its
software, delivered through a platform, API, and suite of
applications reduces the cost to acquire and serve, clears the way
for positive customer relationships, and accelerates profitable
growth.
FullCircl identifies millions of actionable insights daily,
providing a near real-time record of companies, their officers and
shareholders, and the relationships between them. It enables
businesses to verify the identity of corporate entities and
individuals and orchestrate many of the time-consuming checks
needed to conduct customer due diligence during onboarding, such as
KYC, AML and fraud, empowering businesses to satisfy
regulatory requirements and make informed decisions about their
customers. By embedding KYB and KYC from the very beginning of the
customer engagement, FullCircl has compliance solved.
FullCircl was formed following the acquisition by Artesian
Solutions of DueDil and is backed by top tier investors including
Octopus Investments, Notion Capital and Augmentum Fintech. In 2023,
FullCircl acquired W2 Global Data Solutions, strengthening its KYC,
AML, Fraud Detection and identity verification
capabilities. Today, it serves over 500 customers, 15,000+ web
application users, processes over 300 million checks per month and
facilitates the onboarding of 200,000+ customers annually.
fullcircl.com
About Salica Investments:
Salica Investments is a London-headquartered international investment
firm focused on private investing. It partners with founders and
entrepreneurs to support growth businesses at all stages of the
investment cycle.
Salica Investments has specialised and dedicated investment
teams, working across a number of funds. In addition to their
flagship Venture, EIS, co-investment and Growth Debt funds, Salica
Investments offers a number of specialist differentiated investment
strategies, including Salica Investments Environmental Technology,
Special Situations, and Access, which invests in venture
secondaries.
salicainvestments.com
Logo -
https://mma.prnewswire.com/media/2194643/4833112/FullCircl_logo.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fullcircl-reports-record-q2-results-and-completion-of-successful-debt-refinance-unlocking-further-growth-capital-302208570.html
SOURCE FullCircl