HSBC UK, an established banking institution, is investing £5m in Glasswall, a London-based cybersecurity firm with a second headquarters in the US.
Specialising in file-level security, Glasswall has become an essential tool for businesses globally, protecting them from hidden threats within their files.
The £5m investment stems from HSBC UK’s Growth Lending fund, indicating HSBC’s interest and ongoing support for tech scale-ups with high-growth potential, according to a report from UKTN. This move marks the fund’s eighth deal, illustrating the bank’s commitment to the technology sector.
Established in 2010, Glasswall’s unique cybersecurity software offers businesses an unmatched level of protection. The technology works at an individual file level, validating, reconstructing, and cleansing each file to eradicate potential security risks. By providing a system that is both robust and scalable, Glasswall addresses the evolving cybersecurity needs of businesses worldwide.
Glasswall plans to utilise the new funding to expand its operations to Canada, Australia, and New Zealand. The company aims to continue its growth rate and achieve profitability in these markets, adding to their current reach in the UK and US.
Apart from this transaction, the text also reveals HSBC’s continuous efforts to strengthen its position in the UK tech industry. Last year, it launched the £250m Growth Lending fund to support tech scale-ups.
The fund has previously invested in companies spanning various sectors, such as nanotech firm P2i, women’s health company Elvie, and edtech firm Kortext. HSBC also acquired and rebranded Silicon Valley Bank UK, further expanding its footprint in the tech industry.
Glasswall CEO Danny Lopez voiced his enthusiasm about the partnership, “We are extremely excited to be strengthening our partnership with HSBC UK as we aim to continue our growth rate and achieve profitability.”
HSBC UK has a proven record of supporting the growth of promising tech firms. In a separate move from the Growth Lending fund, the bank invested £30m in Myenergi, a smart home device business, to upgrade its headquarters in April.
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