One of the UK’s leading private equity houses has led a £3.5 million investment in Contego Fraud Solutions (“Contego”).
Maven Capital Partners, a lower-mid cap private equity house focused on growth capital and mezzanine finance to UK SMEs, invested £1.8m into Contego, with £1.5m coming from NVM Private Equity and the remaining £0.2m from existing investors.
Contego was founded in Oxfordshire in 2010 by Adrian Black by its current CEO Adrian Black. In 2016 it acquired proprietary technology conceived by specialist immigration law firm Davison Morris and offers an integrated enterprise solution recognised as an industry leader. Also now operating from the City of London, it offers an automated compliance solution across a wide range of industries, helping organisations gain a full understanding of their clients, customers and employees by automating onboarding, monitoring and data enrichment processes, and providing complex, real-time compliance and fraud checks.
Investment Director at Maven Melanie Goward said: “We are delighted to lead the fundraising to support Contego’s continued growth and product development. Contego has a strong business model and has already proven its reputation for developing market leading products and solutions, as well as its ability to successfully enter and grow its presence in new markets. We have every confidence that the highly experienced management team, led by Adrian Black, will be able to deliver the growth that our investors have come to expect from Maven. We look forward to working with Adrian over the coming months and years to achieve this.”
Black added: “Given increased regulatory pressures and the significant benefits our platform has demonstrated with clients to date, we are pleased to receive investment from Maven and NVM that allows us to expand our operations to support customer demand and new partnerships. We know that clients value being able to tailor our platform to perform complex checks for a variety of scenarios. They can choose from the widest range of available data, seamlessly integrating into their existing processes, backed by high levels of security, robustness and availability. We will be using this funding to continue to expand our capabilities, driven by the evolving needs of clients who also see Contego as their strategic innovation partner of choice.”
Investment Director at NVM Charles Winward said: “In our due diligence when talking to Contego’s customers, it was clear that they are faced with complex, evolving challenges and that Adrian and his team have a compelling proposition to help meet them, reducing risk and saving cost. We look forward to working with the team and our investment partners, Maven.”
