Seccl Technology, an outsourced custody service for wealth management, been acquired by Octopus Investments in a £10m deal.
Alongside the acquisition, Octopus will supply additional investments into Secci as it grows its business. Plans are to expand the engineering, product and design teams, some of whom will join from Octopus Wealth.
The company, which was founded in the UK in 2017, aims to help financial advisers, wealth managers, directory fund managers, and FinTechs deliver more flexible solutions to manage client money.
Seccl does this through an open API custody solution that enables any-sized business to build new investment platforms. Its technology allows different pieces of software to communicate and share information in real-time and as a result, businesses using Seccl can customise and control the client experience while lowering administration processes.
By working together, the companies will offer smaller firms an off-the-shelf solution. This will be built in conjunction with Octopus Cash, the investments cash management solution of Octopus.
Seccl co-founder David Harvey said, “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.”
Following the close of the deal, Harvey will remain as the co-head of Seccl, and work alongside Octopus director of growth and innovation Sam Handfield-Jones.
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