W2 Global Data Solutions secures investment from Finance Wales to bring new product to market
W2 Global Data Solutions (W2) has secured investment for its
seed capital financing round from Finance Wales, a group of angel
investors and its existing shareholders.
Finance Wales’s investment is the third from its Welsh
Government-backed Wales Technology Seed Fund, which helps young
technology companies based in Wales to commercialise their
innovative products and bring them to market.
W2 has been changing the way regulated medium and large
businesses such as banks and other financial services providers
manage their compliance obligations, to simplify their processes.
The company has achieved significant growth in the last 3 years and
over 100 organisations currently rely on its suite of software
tools which include versatile Know Your Customer (KYC), Anti-Money
Laundering (AML) and Anti-Fraud technology platforms.
Economy Minister Edwina Hart said: “This Fund was specifically
set up to support early stage technology companies with high growth
potential and to help commercialise their innovative products and
technologies and bring them to market.
“ I am delighted the Fund is doing just that and supporting
businesses like W2 to grow, launch new products and target
new markets. We want to increase the number and growth of
successful, IP rich, technology based businesses in Wales and
attract technology businesses to Wales that have the potential to
trade globally, contribute to economic growth and create high
quality skilled jobs.”
Finance Wales is the first institutional investor to back W2.
The Wales Technology Seed Fund’s investment will enable W2 to
launch new products targeted at new markets. W2 plans to
launch a suite of products for small and medium-sized businesses
such as estate agents.
“W2 aims to be the most agile, innovative and customer-oriented
provider of consumer and corporate screening services in the UK and
international markets. Finance Wales’s investment will enable us to
expand quickly and strategically into new markets, maintain the
momentum of our innovation and deliver on our vision,” explained
W2’s Chief Executive, Warren Russell.
W2 has tripled its headcount in the last year and further
recruitment is planned with the backing of Finance Wales’s
investment. The company also plans to open a new HQ in Cardiff.
Richard Hadden, Deputy Fund Manager in Finance Wales’s
Technology Venture Investments team, led the Wales Technology Seed
Fund’s investment in W2.
Welcoming W2’s announcement, he said: “Recent changes to the way
the financial services industry is regulated mean that small and
medium-sized businesses are now required to conduct KYC and AML
checks just like large financial institutions. Small
businesses need to ensure they comply with these regulations
despite their budget and resource constraints.
“W2 has already achieved significant traction targeting larger
businesses and has now come up with a flexible, cost-effective
solution for smaller businesses. Finance Wales’s investment
will back Warren and his team to bring their software-as-a-service
offering to market and spearhead the next phase of W2’s global
expansion. We wish them well.”