FISCAL Technologies has made £3.6 million in Series A funding lead by Octopus Investments and supported by Calculus Capital.

The forensic risk management solutions startup is based in Reading, UK, with a Raleigh, North Carolina, operation and has been entirely self-funded since it was founded in 2003.

It has processed over one billion transactions with a value of over £5 trillion in spend. The firm now has more than 250 clients using its software to address purchase to pay transactional risk, with real-time controls, supplier risk profiling and reporting.

FISCAL also received backing from ScaleUp Group (SUG), with executive chairman John O’Connell explaining: “We were asked to conduct a structured fundraising process which created considerable interest from the investment community.

“FISCAL is in our portfolio of clients whom we help on their journey to being global champions,” he continued. “Two of our members, Adam Hale and Alan Laing - the latter as chairman - have an involvement already with FISCAL, which will be underpinned by several others now becoming shareholders too.”

David Griffiths, co-Founder and chief executive of FISCAL, said: “Having established ourselves as a disruptor in the purchase to pay market, we now want to leverage what we’ve achieved to further accelerate our growth through both our channels and directly.

“This investment, introduced by SUG, will also help us to ensure we retain our product leadership and maintain the world class service we provide to our customers, such as BAE Systems and Debenhams.”

SUG’s 26 members have founded, led and invested in over 100 high growth businesses and have engaged with over £4 billion worth of exits in technology.

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