Mitrefinch picks up ?20m from LDC in management buyout

Mitrefinch has raised ?20m in an equity investment from LDC for its human capital management software.

LDC is the private equity arm of Lloyds Banking Group and made the investment as part of a management buyout led by CEO Debbie Guppy.

Debt facilities for the deal were provided by Silicon Valley Bank.

The York, UK-based company develops software for spanning time and attendance, rostering, HR and payroll.

It counts more than 3,5000 clients ranging from SMEs to corporate brands such as LOreal and Nestle.

It claims to generate ?15m in revenue and to have seen that grow 50% over the past three years.

The capital will be used to drive overseas expansion in Canada, the US and Australia.

It will also fuel product development including its SaaS offering.

Copyright ? 2016 FINTECH GLOBAL

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