Glasgow-based fintech firm Asura Financial Technologies (AFT) has secured a six-figure investment deal.
AFT is the first company to secure a deal with the help of a Glasgow City Council scheme which has been developed to aid small and medium-sized firms rapidly grow.
The company develops cost-saving software for stock brokers and wealth managers and has been backed by ESM Investments, a Scottish angel investment group focused on supporting high-growth technology companies.
AFT, which is part of Scotland’s fast-growing Fintech sector, was advised on the deal by law firm 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 to develop and sell software to the financial services industry.
Tony 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.
Steven Morris, Founder & CEO of ESM, said: “From the first meeting we knew that our investor-led approach worked well with Tony and David and we were very quickly able to agree the basis of an investment proposition to work together going forward. Our diligence process identified a need to support the team with experienced executives in the space and by strengthening the board we believe that the company is in a stronger position to commence with the commercialisation of the technology.