BGF invests £16.5 million in fintech firm Twenty7tec

BGF has invested GBP £16.5 million into fintech company Twenty7tec. Founded in Bournemouth in 2014, Twenty7tec provides technology solutions to over 16,000 mortgage, protection, and wealth advisers in the UK on a daily basis. Its platform aims to streamline the mortgage process from product search to completion.

This investment from BGF will support Twenty7tec in accelerating its product development, enhancing its technology infrastructure, and expanding into new markets. BGF has also facilitated the appointment of Angela Williams as Non-Executive Chair to the Twenty7tec board. Williams brings extensive experience, having held senior executive roles at British Airways, Centrica PLC, and Land Securities PLC.

James Tucker, CEO of Twenty7tec, commented on the investment, "Since founding the business in 2014, we have consistently strived to revolutionise how financial advisers of all types use technology to deliver exceptional advice to their clients. There are few tech businesses that can be said to operate successfully across the entire advice market, but we have broken that mould. Today, we provide technology to some 16,000 advisers across the country, who in turn look after millions of end clients across mortgages, protection, and investments."

The company's Chief Executive highlighted the ongoing challenges, stating, "Our journey is far from complete, however, we still see too many advisers suffering from not having access to the right tools to do their jobs, and too many providers unable to access real-time data that helps them understand underlying movements in market dynamics, and adjust their own strategy accordingly. There is much more work to be done."

Discussing the significance of BGF's investment, Tucker added, "This investment from BGF allows us to continue to invest further in delivering technology that makes a real difference to all participants in this market. Ultimately, we believe it will enable us to play an increasing role in helping millions of customers continue to receive the right advice for their circumstances - an opportunity that we are excited by, and a responsibility that we take our role in very seriously."

He continued, "After an exhaustive search, we have found the perfect investment partner in BGF, who understand our business and the market in which we operate, and are as excited by the opportunities in front of us as we are. With BGF as our partner, we will move quickly to further enhance the talent within our business, invest in our products, and continue to seek opportunities for inorganic growth that are complementary to our existing business."

The deal was led by Duncan Wade, Cat Dilloway, and Harry Kernick from BGF's Reading team, with Wade also joining the Twenty7tec board. Wade commented, "Twenty7tec's track record of disrupting the advice technology market, combined with its ability to effectively scale is testament to the hard work and tenacity of James and his team."

Expressing optimism about the future, Wade remarked, "With high recurring revenue, low customer churn and a series of exciting opportunities for value creation in front of the team, we're excited for what this investment will mean for the business. The impressive growth that Twenty7tec has already achieved since start-up 10 years ago, has been underpinned by a team who are passionate about delivering the best possible outcome for users of their technology. We are genuinely thrilled to be backing them and have high hopes for the company's future."