FinQ Business Solutions secures six-figure investment in first year
Portlethen-based fintech FinQ Business Solutions has attracted a UK-wide customer base and secured a six-figure investment in its first year.
The firm was launched by Russell Jaques in January 2020 after his previous employer, nSYS Systems was wound up.
The firm has enjoyed a strong start, with £250,000 in contract wins behind it – awarded by businesses including cashmere company Johnstons of Elgin – and potentially a further £1.5 million in the pipeline.
FinQ specialises in financial automation software to streamline business management systems. It also partners with leading software vendors to create technology solutions for customers.
The business is supported by Aberdeen-based firms Acumen Accountants and Advisors and Dynamic Edge.
Acumen directors Ross Murray and Steven McKenzie, along with Dynamic Edge’s Rob Hamilton and Stuart Winterburn have privately invested a joint six-figure sum to support the launch and growth of the fintech start-up.
The tie-up means FinQ has access to a resource pool of around 200 staff across locations including Aberdeen, Inverness, Dundee, Stirling, Guildford and Fareham, The Press and Journal reports.
Mr Jaques, who earlier in his career worked for Clark Integrated Technologies, of Auchterless, near Turriff, said: “2020 certainly wasn’t the easiest year to launch a fintech new-start. But the support of Acumen and Dynamic Edge was a superb boost to help the business get off the ground and be in a stronger position for the year ahead.
“The collaboration ensures our customers not only have access to our automation knowledge, but also Acumen’s financial processes, while Dynamic Edge is supporting the implementation, integration and support side. The trio of expertise is a superb accolade for FinQ and a huge benefit to our customers.”
He added: “Securing a number of UK-wide clients has placed us ahead of our first-year goals, and we are delighted to be working with some really established and well-known firms – such as Johnstons of Elgin.
“We are targeting a £1 million turnover in three years so we have certainly made a decent start towards that goal.”
Mr Winterburn, managing director, Dynamic Edge, commented: “It was a simple investment decision. FinQ has the potential to grow into a large UK business in a fairly short period of time.”