Harper Macleod advises Glasgow Fintech business on six-figure investment deal

Harper Macleod has advised a Glasgow-based fintech business on a six-figure investment, the first to be completed with the help of a new Glasgow City Council scheme designed to help SMEs scale up.

Asura Financial Technologies (AFT) Limited, which provides software solutions to stockbrokers and wealth managers, attracted the backing from ESM Investments – a Scottish investment group focused on supporting high-growth tech companies.

AFT, which is at the vanguard of Scotland’s fintech sector, was advised on the deal by Harper Macleod after being directed to the firm as part of the council’s new Framework for Business Growth, which was launched in early 2017.

AFT was set up by co-founders Tony Hamill and David Waddington in late 2015 with the sole aim of developing and selling software to the financial services industry.

Mr Hamill said: “This is a huge deal for us and we’re delighted to have had such great support across the board, including from Harper Macleod, in helping us to reach this stage. The investment gives us the finance to go ahead and grow the business, particularly the development and sales arms, which is essential as we expand.”

He added: “David and I saw huge potential in this sector, and were ahead of the game in terms of the current ‘Fintech rush’. Fintech is such a broad term but within it there’s a huge spectrum of opportunities and we’ve already established strong working relationships with stockbrokers in London and elsewhere. It’s a very traditional industry and if you have hundreds of millions under management you can understand that it’s a huge step to change your systems. It is a huge challenge for the sector but also a massive opportunity and we have only scratched the surface.”

ESM Investments, an angel investor group led by founder & CEO Steven Morris, comprises entrepreneurs and former senior tech sector executives who have themselves experienced successful exits.

Mr Morris said: “The technology is potentially very disruptive and the market is large enough for the company to achieve its goals and aspirations. We are very excited to be part of the company’s scale up plans in the near term.”

Harper Macleod partner, Paula Skinner, added: “We are delighted to have helped AFT secure such a significant investment. The whole purpose of the council’s Framework for Business Growth was to direct businesses to the professional advice they need at the right time, to accelerate their growth.

“AFT is a fantastic business which is ideally placed to be a leading light in Scotland’s burgeoning fintech sector. It is in everyone’s interests for Glasgow, and the rest of the country, to seize this opportunity and scale up, and hopefully this deal will be the first of many similar ones to benefit from the Framework.”