Octopus Group is set acquire Seccl Technology looking to harness its API capabilities to allow businesses to build investment platforms quickly and cheaply.
The deal is woth £10 million and subject to regulatory approval.
Simon Rogerson, CEO and co-founder of Octopus Group, states that the platform technology market is “crying out for change” and that Seccl “has the potential to completely transform the customer and client experience across retail financial services.”
Bath-based Seccl, founded in 2017, looks to assist financial services companies deliver quicker and more nimble investment solutions to meet clients’ needs.
Seccl uses API technology to help different pieces of software to share information in real time and allows companies to integrate easily with other services.
Octopus intends to inject additional investment into Seccl operations, with new back-office staff, some of whom will be internal transfers from Octopus Wealth.
Hugo Thorman, co-founder of Seccl, states that Octopus’ backing will position the business to “radically disrupt” the industry which is “on the cusp of a fundamental shift in the way it uses technology”.
Thorman’s colleague, David Harvey, adds: “It has always been abundantly clear that Octopus shares in our vision and I wholeheartedly believe that together we can create something incredibly powerful.
“The platform technology space hasn’t changed in 10 years and, with a handful of firms now dominating the market, the time couldn’t be better for some new competition.
“Having created Seccl from scratch, rather than building on legacy systems, we operate with a fraction of the code base, which means we are cheaper, can move faster, and are ultimately open to smaller firms that can’t get a shoe in with the big providers today.”