Irish co-founded Finbourne raises £55m for global expansion

18 Jun 2024

Image: © I-Wei Huang/

Based in London, the investment and data management platform will use the funding to expand its operations across the US, Singapore and Australia.

Data management company Finbourne Technology has raised £55m in a Series B funding round led by Highland Europe and AXA Venture Partners.

Finbourne was co-founded by Irishman Thomas McHugh in 2016 with a mission statement to reduce the cost of investing and increase transparency and trust in capital markets. The company has developed an investment and cloud-native data management platform to help investment and operations teams increase revenue, reduce costs and better manage risks across the investment lifecycle.

The latest funding will be used to expand Finbourne’s business across markets including the US, UK, Ireland, Singapore and Australia. It follows a £15m Series A round in 2021.

“This funding round and support from top-tier investors will help us deliver our enhanced go-to-market strategies,” said McHugh, who is the CEO.

“By significantly investing in go-to-market initiatives across our key segments, we can help even more global investment management, banking and capital markets firms access and utilise a trusted and consolidated view of their financial data across the front, middle and back office.”

Its interoperable and scalable platform offers functionality across various tasks, from portfolio management and fund accounting to order management and compliance.

Clients Finbourne has onboarded over the past 12 months include US financial services firm Northern Trust, London-based investment firm Omba Advisory and the Pension Insurance Corporation.

“When the team first showed me in 2020 that they could integrate investment data from the full universe of assets held by managers into a single platform, they had me hooked,” said Imran Akram, general partner at AXA Venture Partners.

“Today this is a clear differentiator and especially important to the emerging AI wave. We are excited to help Finbourne as they expand their product suite and bring its benefits to a broader set of financial services customers.”

“Over the past few years, Finbourne has built a revolutionary SaaS [software-as-a-service] platform,” said Highland Europe partner Tony Zappala, “that is enabling many of the world’s biggest financial institutions to move from legacy, siloed solutions to a modern data architecture, allowing full, real-time visibility and optimal decision making.”

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Vish Gain is a journalist with Silicon Republic