Mountside advises Fennech on securing £2m of funding from Lloyds Banking Group
TL;DR
- UK-based B2B Fintech, Fennech, raises their next round, led by Lloyds Banking Group’s Strategic Fintech Investment team, and with participation from high-net-worth individuals.
- Fennech provides a next-Gen banking platform-as-a-Service (PaaS) for Financial Institutions and Corporates, helping them orchestrate large-scale and complex Payments, Finance, and Treasury processes.
- Their low code banking platform enables their customers to benefit from one consistent way of managing their accounts, payments, funding, and liquidity with their multiple banking partners.
- We had a lot of fun getting to grips with the huge problems Fennech were solving and supporting them in closing their first institutional round — read on to find out more 👇
Complex enterprise problems with a simple solution
The Fennech core banking platform (F³) is based on simple facts. Fewer than 1 in 10 enterprises have a real-time view of their cash balances (EY), fewer than 1 in 12 banks are delivering ‘best-in-class’ products and services (McKinsey), and a third of treasury functions are still heavily reliant on spreadsheets to function (The Global Treasurer).
Fennech enables businesses with multiple and complex banking arrangements to streamline and automate their financial and treasury operations through:
- Management of multi-banking connectivity (on average, corporates have 17 different banking relationships!)
- Virtualisation of all bank accounts with their dedicated in-house digital bank as a service
- Orchestration of payments globally, including payments with FX
- Foreign Exchange
- Reliable cash forecasting capabilities
- A powerful multi-bank liquidity management tool
This is all done through a modularised platform that quickly and easily adds new functionality to meet specific client demands.
Mountside <> Fennech
We were thrilled to have worked with Fennech — there are several reasons why we liked them.
- The founder, Emmanuel, is an expert in his field, having spent over 25 years in corporate and investment banking at Deutsche Bank and Société Generale before founding Fennech to solve the problems he came up against during his career.
- The Fennech team is composed of experienced and knowledgeable professionals with a proven track record in the financial sector.
- Their impressive early traction had already solved large and complex enterprise problems for the likes of international financial services companies such as Brink’s Payment Services in France and Paysafe in the UK.
- Delivering on their promises — we met the Fennech team through the Fintech Alliance investment series (which we helped run over lockdown… seems like a lifetime ago!), and although when we first met, they were too early in their journey to explore bringing on an institutional funding partner — they continued to show impressive commercial wins and started working with them soon after!
We are thrilled for Emmanuel, Max and the Fennech team for completing their round with a strategic investor who can contribute to their continuted growth and success. It’s great to see large corporates continue to invest in innovation.
Jonathan Hollis, Managing Partner, Mountside Ventures
We look forward to seeing Fennech grow and thrive in the years to come, and we are excited to be a part of their journey.
The Deal
Fennech closed their next round, led by Lloyds Banking Group, with a £2m ticket.
Raising cash in this current environment is very tough and we would not have been successful without the support and advice of Mountside throughout the whole process.
Max Pell, Head of Partnerships, Fennech
In particular, their knowledge of the market, their strategic and tactical advice, their help in preparing the proper pitch documentation, modelling the forecasts, introducing us to potential investors and in supporting the terms negotiation have been incredibly professional and useful.
We are really pleased to work with MV, and thank them wholeheartedly for their guidance, help and support. Top notch!
Emmanuel de Resseguier, Founder and CEO, Fennech
What’s next for Fennech?
Fennech is now hiring to execute the growth plan. Get in touch with Max via max.pell@fennech.com if you’re interested in being part of their journey.
Are you raising?
If you’re a founder as ambitious as this team, we’d love to hear from you — submit details of your company here. We aim to respond to everyone within 48 hours!
