Fintech scale-up raises £1.2 million

Fintech firm W2 Global Data has secured £1.25 million of funding in an investment round backed by Mercia Fund Managers, Development Bank of Wales and TTI Angels.

Based in Newport, the company has doubled in size over the past year and will use the investment to hire a further 20 employees. To date, it’s raised more than £3 million.

W2 has created a range of identity verification services that aim to tackle fraud and money laundering. Using thousands of government and commercial data sources, the firm can quickly identify financial criminals.

Using W2’s software-as-a-service (SaaS) tools, payment and financial services can screen clients and managers; online retailers can verify transactions; and gaming companies can check the age of players.

Warren Russell founded the company in 2011, and since then, it’s achieved year-on-year growth and currently employs 40 people in Wales.

Speaking about the success of the company, he said: “The rapid growth of online fraud and increased regulation is putting real pressure on banks, financial services, online retailers and other businesses to verify their customers’ identity.

“Demand for our services has far outgrown our earlier projections and we have doubled our headcount over the past year.”

Julian Dennard, investment director at Mercia Fund Managers, commended Warren and his team. “There is a growing global demand for the fraud detection and identity verification services that W2 provides,” he commented.

“The company has a strong management team and an excellent reputation in the market. This latest funding round will allow it to build its team, enhance its platform and accelerate growth.”

Richard Thompson, senior investment executive at the Development Banka of Wales, added: “It’s brilliant to see cutting-edge SaaS companies like W2 Global expanding their workforce so significantly in Wales.

“It’s a testament to their growth and the success of their technology since relocating to Wales. We’re pleased to be able to continue supporting Warren and his team.”