Belfast regtech player Datactics raises £1.2m

11 Jun 2019

From left: Allen Martin, Kernel Capital; Stuart Harvey, Datactics; Mick Foster, Datactics; William McCulla, Invest NI; and Gavin Kennedy, Bank of Ireland UK. Image: Kernel Capital

Datactics’ software helps firms clean and match data for regulatory reporting.

Fintech start-up Datactics has raised £1.2m in a funding round led by Kernel Capital and Par Equity.

Datactics is a Belfast-based provider of regtech solutions for the banking and financial services sector.

‘Seldom does a day go by where the possibilities of machine learning aren’t being discussed’

This is the second round of funding secured by the company from the Bank of Ireland Kernel Capital Growth Fund (NI).

“Seldom does a day go by where the possibilities of machine learning aren’t being discussed, and everything we are hearing from industry agrees that any successful use of this technology will rely on fast access to perfected data,” said Stuart Harvey, CEO of Datactics.

“This has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout the six years I have been involved at Datactics. We are delighted to have received this round of funding from the Bank of Ireland Kernel Capital Growth Fund (NI) and Par Equity at this exciting time in our company’s history and we look forward to working with them.”

Data quality

Datactics provides data quality and matching software to the financial services industry and government departments to help financial firms measure, clean and match data ahead of a regulatory reporting, business intelligence or analytics process.

The company has grown significantly since its initial investment in 2018, with the addition of 12 new hires and the opening of two new offices in Milan and New York.

This latest funding round will support its ambitious growth plans by facilitating R&D and the hiring of additional key personnel as it builds upon its international customer base across Europe and the US.

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15m to this fund, which is part-financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

“As a banking partner to many businesses, we know businesses have been investing for the future, and this investment … supports Datactics in further accelerating their scaling ambition through new product development to increase their competitiveness and successful expansion into international markets,” said Gavin Kennedy, head of business banking NI at Bank of Ireland UK.

“We are delighted to see this further investment in Datactics, reinforcing confidence and support for their growth ambitions.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years