Record Growth For Fintech Firm Planixs As It Increases International Footprint
Manchester-based fintech company Planixs has reported annual recurring revenue growth of 185% as a result of record customer acquisition and expansion into key international financial markets over the last two years.
Founded in 2011, BGF-backed Planixs works with global financial institutions including Lloyds Banking Group, LBBW, Nord/LB and Scotiabank to provide Realiti® – a leading cloud-based technology suite that delivers real-time cash, collateral and liquidity management solutions to the financial services industry.
Realiti® provides firms with instant, real-time visibility and insight, allowing them to optimise their cash and liquidity and comply with regulatory requirements. It helps organisations to ensure they meet global regulations including those of the European Banking Authority, UK PRA and US Fed. The solution also incorporates stress testing capabilities, allowing banking firms to apply a range of stress scenarios to understand, monitor and prepare to mitigate any intraday liquidity stresses and manage expensive liquidity buffers.
Over the last two years, the company has seen a record 70% growth in customers adopting its Realiti® product suite, expanding its reach across the UK, Europe and North America with contract wins including Deutsche Bank, AIB, Santander, NatWest, National Bank of Canada and its first non-bank financial institution.
The business secured an initial £3.5m minority equity investment from BGF – the UK and Ireland’s most active growth capital investor – in February 2019 which has supported its international expansion plans, as well as accelerating product development and recruitment.
Since BGF’s investment, the business has increased overall headcount by 150% with several key hires including Nick Jepson as Chief Customer Officer, Tim Shallard as Head of Legal and Commercial and Keith Strachan as Corporate Services Lead. Jenny Stockton-Pugh has also been appointed as HR Manager to oversee Planixs’s continued global recruitment and employee engagement programme.
The business has also invested in growing its sales and marketing function to realise international expansion objectives and, most recently, achieve substantial growth in the DACH region.
Neville Roberts, CEO and Founder of Planixs, said:
“Over the last two years the total number of modules purchased by our customers has increased by 135%, demonstrating that we’ve successfully grown with our clients and fulfilled their appetite to increase functionality and improve their own capabilities within their businesses.
“We pride ourselves in working with customers individually and as a collective user group to understand how they use our applications and any additional functionality needed. We collect this feedback and incorporate it into the application roadmap so many added-value components can be delivered. This customer-centric approach has been key to our success to date and we’ll continue to invest in our team and evolve Realiti® as new regulations are issued, and new data types become available. This will ensure our product suite and our services continue to exceed the standards of the financial services sector.”
“We’re very proud to receive the three RegTech of the Year awards. Our global customer base understands the stringent regulations that banks need to adhere to in their respective geographies. Our Realiti® solution provides our customers with real-time insight across all their data to ensure up-to-date regulatory compliance over their cash, collateral, and liquidity operations. Being named the leading RegTech in the US, UK and Europe is a major honour and further helps us cement our position as the number one global RegTech provider.”