The mortgage platform says it will use the cash to accelerate product development, upgrade its technology, boost staff and explore new market opportunities
Twenty7tec has landed £16.5 million of investment from UK investment fund BGF to drive expansion.
The Bournemouth-based mortgage platform, founded in 2014, says it will use the cash to accelerate product development, upgrade its technology, boost staff and explore new market opportunities.
As part of the deal, Angela Williams joins the platform as non-executive chair “to refine and execute its growth strategy”.
The fintech company says Williams has a wealth of experience in founding, scaling, and exiting other tech-focused businesses and has also held senior roles at British Airways, Centrica and Land Securities.
BGF investor Duncan Wade, who worked as a director of development as well as mergers and acquisitions for EY for around 12 years, also joins the platform’s board.
Recent Twenty7tec investment in its customer relationship management platform FINPLAN and digital marketing software, COMMUNICATE, has extended the firm’s reach in the mortgage and wealth advisory markets.
The company’s services are used by more than 16,000 mortgage, protection and wealth advisers a day.
BGF was founded in 2011 by Barclays, HSBC, Lloyds Banking Group, NatWest and Standard Chartered to invest in small and mid-sized businesses.
It has a £3 billion balance sheet and has invested in more than 600 companies, including Brompton, Gousto and Kids Planet.
Twenty7tec chief executive James Tucker says: With BGF as our partner, we will move quickly to further enhance the talent within our business, invest in our products, and continue to seek opportunities for inorganic growth that are complementary to our existing business.
Wade says: Twenty7tec’s track record of disrupting the advice technology market, along with its ability to effectively scale is testament to the hard work and tenacity of James and his team.