AN Aberdeen financial technology business has attracted a UK-wide customer base and secured a significant six-figure investment in the first 12 months since launch.
FinQ Business Solutions, which was started by Russell Jaques in January 2020 after his previous employer went into administration, has enjoyed a strong start with a quarter of a million pounds in contract wins in the first financial year and a further £1.5million in the pipeline.
The business specialises in financial automation software to streamline business management systems, including purchase to pay (P2P) and order to cash credit management. It also partners with some of the best software vendors in the industry to ensure tailored solutions for customers.
Mr Jaques has created a consortium with two established city businesses, Acumen Accountants & Advisors and IT specialists, Dynamic Edge. Acumen directors, Ross Murray and Steven McKenzie, along with Dynamic Edge’s Rob Hamilton and Stuart Winterburn have privately invested a joint six-figure sum to support the launch and growth of the new start.
The agreement ensures FinQ has access to a resource pool of around 200 staff across the UK, including Aberdeen, Inverness, Dundee, Stirling, Guilford and Fareham.
The first 12 months has seen the business sign three-year contracts with a number of large UK businesses, including textiles firm, Johnston’s of Elgin.
With a background in IT and financial technology, Mr Jaques, has a strong understanding of the market and vast experience working with multi-million turnover companies.
He said: “2020 certainly wasn’t the easiest year to launch a fintech new start but the support of Acumen and Dynamic Edge was a superb boost to help the business get off the ground and be in a stronger position for the year ahead. The collaboration ensures our customers not only have access to our automation knowledge, but also Acumen’s financial processes, whilst Dynamic Edge is supporting the implementation, integration, and support side. The trio of expertise is a superb accolade for FinQ and a huge benefit to our customers.
“Securing a number of UK-wide clients has placed us ahead of our first-year goals and we are delighted to be working with some really established and well-known firms, such as Johnston’s of Elgin. We are targeting a £1million turnover in three years so we have certainly made a decent start towards that goal.”
Stuart Winterburn, managing director of Dynamic Edge, added: “It was an simple investment decision for the four of us. With the skill set that Dynamic Edge and Acumen bring, along with the experience Russell has in this market, FinQ has the potential to grow into a large UK business in a fairly short period of time. Utilising the joint resources of Acumen and Dynamic Edge it allowed us to keep our costs relatively low whilst being able to speak to some of the largest companies in the UK.”
FinQ is focussed on remaining a 100% remote working business that can operate and service businesses across the UK.