Irish bank data processing group CreditLogic has raised another €3.5 million, that it intends to use to accelerate its expansion across Europe.
This brings €8.5 million the amount raised by the business since it was set up five and a half years ago. Founded by Eddie Dillon and Gavin Bennett, its investors include Barry Maloney, chairman of WorkHuman and formerly of Balderton Capital and Esat Digifone, David Roche, previously chief executive of hotels.com, former DCC boss Tommy Breen and Enterprise Ireland.
This funding round includes backing from US institutional investor Riverside Acceleration Capital (RAC), marking its first investment in Ireland.
CreditLogic uses a SaaS platform that it says “radically simplifies the capture, processing and validation of client data for banks”. The company says its solution can “reduce customer processing times by 90 per cent and cut the operational costs of complex processes by 50 per cent”.
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CreditLogic said it already serves all banks in Ireland, key public sector entities, and more than 60 other regulated businesses. “In Ireland, it processes over 40 per cent of all new consumer mortgages.”
It recently expanded in Europe, opening an office in Madrid, led by Elena Alvarez, a former senior digital and innovation executive with BBVA and Meta. The company said the additional funding would allow it to “achieve its international growth objectives”.
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CreditLogic plans to add 15 full-time roles in AI, data science, engineering, and sales and marketing as part of its expansion.
Speaking to The Irish Times, Mr Dillon said the company was revenue-generating, with the Irish business being “cash positive and in a steady state”.
“But clearly we are looking at this growth capital to accelerate our international expansion. We’d hope to grow to over €20 million of annual recurring revenue by 2027. We’ve been growing revenues by 140 per cent year on year so it’s a continuation of growth at that level,” he said, adding that the company expects to be in profit “before 2027″.
Mr Dillon said the company was also looking at adding a research and development centre in Portugal. “We don’t need to open an office to establish a presence [in a market] but we do want to be locally on the ground with customers so we can support them. But we can clearly do that out of Dublin, also.”
Commenting on its decision to invest in the Irish business, Jonathan Drillings, a partner at RAC, said: “We were impressed by the CreditLogic’s team, growth to date, and the validation of the platform with customers of scale. We’re delighted to partner with the team and excited about the potential of CreditLogic.”
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