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Economic Development

Synapse eyes international expansion with new funding

HSBC provides £500,000 funding package which has enabled Birmingham-based tech firm to recruit new staff and plan for office launches in Australia and the US

The Synapse Information team

A tech firm which provides spreadsheet services to businesses is planning to expand abroad after securing a new £500,000 support package.

Birmingham-based Synapse Information says it has also been able to double its team and accelerate its research and development activities as a result of the funding package from HSBC.

Established in 2012 by a team of Silicon Valley veterans, Synapse Information works with companies to consolidate their finances and streamline their data infrastructure through smart spreadsheet products.

Its clients primarily operate in the financial and retail sectors.

The funding has enabled Synapse Information to recruit new staff and dedicated R&D specialists as well as lay the groundwork for expanding overseas.

It said it was aiming to open offices in the US and Australia within the next five years.

Based at the company said it was also hoping to expand its customer portfolio within the financial industry, both in the Midlands, across the º£½ÇÊÓÆµ and abroad.

The business is turning over £2 million in revenue and expects to turn over £5 million in the next two years.