Fintech firm Kani Payments has secured a multimillion-pound investment to grow its team and expand overseas.
The Newcastle-based payments processor secured the injection led by private equity firm Maven Capital Partners, including funds from its venture capital trusts and the Northern Powerhouse Investment Fund II. Kani will use the funds to develop its platform, which provides data reporting and analytics services to payments and banking companies, and to expand its team and international reach.
The firm was founded seven years ago to tackle the complex challenges of payment reconciliation and reporting required by banks, payment companies and other fintechs. Digitisation in the financial services sector and more global regulation is said to be driving the demand for Kani's software as a service (SaaS) platform.
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Aaron Holmes, CEO at Kani Payments, said: “This investment marks a pivotal moment in Kani's evolution as we expand our automated reconciliation platform to meet surging global demand. With processed payments exceeding €24bn and our client base spanning five continents, we see first-hand how critical automated reconciliation has become for financial institutions. Maven's backing will accelerate our platform development and global expansion, particularly as we see increasing opportunities in markets where regulatory compliance and payment reconciliation complexity continue to grow.”
Newcastle tech firms Opencast and Seriös Group joined forces to take on a £1m contract with the NHS Business Services Authority (NHSBSA).
The businesses - both based at Byker's Hoults Yard - have partnered to provide data services to the arm's length body of the Department of Health and Social Care, providing essential business support services to the NHS. Together they will use data to provide the Newcastle-based NHSBSA with better insights into its processes.
The two-year piece of work will draw on Seriös Group's expertise in data solutions and Opencast's specialism in designing and building technology solutions for the Government, healthcare and private sector. An initial phase of work will see the firms deliver a data solution architecture, data engineering, insight analysis, data warehousing, user-centred design and big data analytics.
Lee Rorison, founder and CEO at Seriös Group, said: “We have built an excellent relationship with our neighbour Opencast, having already collaborated successfully on other impactful projects. We are delighted to be joining forces once again with Opencast for the NHSBSA, combining our expertise to deliver data solutions and technology that make a positive difference. Our complementary skills and shared commitment to innovation position us perfectly to drive meaningful results."
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Harry Armstrong, chief growth officer at Opencast, said: “We’re delighted to be working once again with the NHSBSA, which is widely respected in the sector for its strong commitment to digital change. We’re excited to be supporting it in partnership with Seriös Group, whose experience and capabilities will be vital to the success of the project."
Virtual reality simulation specialist Vrai has landed £4.2m investment led by transatlantic venture capital firm Beringea.
The provider of performance data systems in simulation training, with customers including the British Army, Irish Defence Forces and the Royal Air Force, says it will use the capital injection to expand into the US, as well as creating jobs in its Newcastle and Dublin offices.
The Series A fundraise means the tech company joins Beringea's $900m investment portfolio that also includes alcohol free lager brand Lucky Saint and digital entertainment media company Whistle Sports, along with many other 海角视频 and US businesses. Vrai will use Beringea's US presence to expand into what it says is the world’s largest market for immersive technologies in aerospace, defence and security.
Vrai's team of 25 - split across the offices in Newcastle and Dublin - is expected to double in size as it invests in more product, sales, and marketing manpower. Those jobs are expected to cover both sites and a base in the US.
Pat O’Connor, founder and CEO of Vrai, said: “We are delighted to announce our latest investment round, which marks a significant milestone in our mission to redefine exceptional human performance through data driven simulation. We aim to be global leaders in our niche. This investment will allow us to continue innovating for our existing customers, continue building a talent dense team and growing the company through our new US office."
Tyneside biotech business HistoCyte Laboratories is set to launch a recruitment drive after sealing a deal to double the size of its Newcastle base.
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The company, which develops medical testing products, has signed up to double its floor space within the Neon building at Newcastle’s Quorum Park. The business has now signed a lease with landlord Shelborn Asset Management for a new 4,000 sqft space which will enable it to expand production capacity and take on 10 additional staff, adding to its existing staff of 20.
The firm is also installing two large tissue culture laboratories, a cold room and expanding its storage space. HistoCyte’s CEO Colin Tristram said: “We are very excited to be increasing our floor space here at Quorum Park. Since moving here in 2019 our sales have grown by approximately 30% each year and while our headcount has grown with demand, the premises haven’t, until now.
“The team at Quorum have been very accommodating in providing space for a biotech company in what are effectively buildings for offices. There is a burgeoning biotech sector in Newcastle but we don’t have to be located in the city centre where it is comparatively much more expensive to operate.”
A North East developer is transforming a Sunderland building where he used to get his school uniform into luxury apartments and offices, thanks to a £517,000 funding boost. Darryl Cullerton, the director of Lemon Properties, has been working on plans to convert the St Mary’s Street building in Sunderland since 2023, through his plans to add to the regeneration and ongoing development work in the city.
The building, set near Sunderland’s Park Lane Interchange, covers two floors and was formerly commercial shops and offices, and it will now be turned into high quality apartments and offices after securing the six-figure finance from the North East Property Fund (NEPF), an investment programme managed by FW Capital and backed by the North East Combined Authority.
Mr Cullerton said: "I never thought I’d get to own this particular site – one of the previous shops was where I used to get my school uniform so it brings back memories. I’ve invested over £500,000 into this development because I want to make Sunderland a better place and provide great accommodation. This is the first time I’ve worked with FW Capital and is the start of our relationship. I’ve been happy with the support I’ve received from Lewis Blakelock who understands my vision.
“My main focus is investing in Sunderland and bringing high end accommodation to the city. This latest development, which will be released in May 2025, brings quality apartments to the city centre. The interior design is by Gerard Mcelvenny from Pulp Studios Design House."