Quantexa, a financial crime data and analytics firm, has raised nearly £140 million to fund further expansion in America and to make acquisitions.
The deal, led by Teachers’ Venture Growth (TVG), which is the venture capital arm of the Ontario Teachers’ Pension Plan, values the London-based software fund at more than £2 billion.
Vishal Marria, a former director at the accountancy firm EY, who founded the company in 2016, said the cash would help further fuel the company’s growth.
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“This small treasure chest we’ve got behind us now can allow us to look at those acquisitions,” he said. “[And] we will continue to double down in the Americas. This investment absolutely is a catalyst for further innovation and growth in the Americas.”
Quantexa has only made one acquisition so far: the Dublin-based AI company Aylien, which it bought for an undisclosed sum in February 2023.
Marria, 42, said the cash would also be used to further develop its products, which are used by the likes of HSBC, Vodafone and the Cabinet Office’s public sector fraud agency.
The company made revenues of £76.1 million in the year to last March, up 31 per cent year-on-year. It lost £55.9 million, similar to the year before. Quantexa said it had seen its software licence revenues grow nearly 40 per cent in 2024, as it added 23 new customers including in sectors such as insurance, technology, telecoms, entertainment and media. Marria said the company expected to become profitable “in the short to medium term”. It operates 16 offices around the world and has more than 800 employees.
As part of the deal, Ara Yeromian, managing director at TVG, will join Quantexa’s board. The company’s existing investors include Warburg Pincus, Dawn Capital, Evolution Equity Partners, AlbionVC, and HSBC.
Marria said Quantexa would remain based in London and was “delighted” by the government’s decision to prioritise AI. “For any entrepreneur or any CEO who’s running a business in this field we need to continue to own this narrative. AI is going to be foundational technology and here in Britain we need to have a major seat at the table,” he said.
