Manchester-based financial software maker Red Flag Alert has raised £3.5m from the venture capital firm Foresight Group.
Red Flag Alert provides financial software tools such as B2B market research, credit checks, anti-money laundering compliance, digital ID verification, portfolio management and data analysis.
Red Flag Alert will use the funding boost to further develop its products and enhance its commercial capabilities, while also expanding its team of over 50 members.
Fiona Hatch, senior investment manager at Foresight Group, said: “Red Flag Alert has built an impressive product and customer base. With our investment and support, the team will be in a great position to benefit from the potential market opportunities.”
In addition to the investment, John Lord becomes the software company’s latest non-executive chair. Lord previously founded the customer onboarding platform TruNarrative and was the managing director of data provider GB Group.
Richard West, CEO of Red Flag Alert, said: “In the fast-paced world of financial risk and data insights, innovation and disruption are vital. From the beginning of our conversations with Foresight, they understood Red Flag Alert’s mission and our value in the industry.”
Foresight Group is an active investor in the UK with dedicated investment funds for the North East and Scotland.
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