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FullCircl Reports Record Q2 Results and Completion of Successful Debt Refinance Unlocking Further Growth Capital

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LONDON, July 30, 2024 /PRNewswire/ — FullCircl, a UK-based RegTech which is uniquely placed at the intersection where revenue meets regulation, has reported its best ever quarter amid three consecutive quarters of significant growth.  The business saw new order intake increase by 96% year-on-year, translating into double digit compound growth in revenue and not at the expense of EBITDA positivity which the Group has maintained. These numbers reflect the unique opportunity FullCircl see to lead in the provision of a single platform that drives revenue accretion and regulatory compliance as a viable alternative to fragmented point solutions.

The lineage of FullCircl, created just two years ago, comes from the integration of three UK businesses – Artesian Solutions, DueDil, and W2 Global Data – brought together with a single platform vision helping customers drive revenue but with a strong emphasis on addressing compliance, risk and regulation from the very beginning. 

Andrew Yates CEO at FullCircl commented “Our vision was to create FullCircl as a single platform which uniquely aligns revenue growth with risk and regulatory adherence – as an attractive alternative to fragmented point solutions which make integration across Customer acquisition, onboarding and ongoing monitoring complex, expensive and time consuming, at a time when the pressure is on to reduce complexity, reduce cost to serve and say yes (or no) faster. The response from our customers has been very positive reflected in these numbers. We are now undertaking over half a billion activities each month for our customers.”

Further underpinning this growth, FullCircl has also today announced the successful completion of a debt refinancing round with Salica Investments Growth Debt Fund, providing additional working capital to take advantage of its positive momentum. The largest debt deployment in the history of the Salica Growth Debt Fund, this deal underscores the strength of FullCircl’s proposition and market confidence in its ability to continue on such a strong growth trajectory.

This new injection of capital will be pivotal in fuelling the next stage of FullCircl’s journey – helping fund its extensive new product development in the area of transaction monitoring, adding to its existing AI capabilities, grow its share of the identity verification (IDV) market, deepen its broad range of Smart capabilities, and strengthen its strategic partnerships. 

“The decision to back FullCircl was compelling” said Usman Ali, Partner at Salica Growth Debt Fund, speaking about the debt provision “FullCircl is in a unique position in its market, poised to capitalise on previous investments and is now starting to exploit the opportunity. With double-digit growth and near-perfect customer retention in its key segments, this is a business that knows how to execute. The debt facility we have provided, the largest in our company’s history, is a reflection of the exceptional team at FullCircl who are solving a critical and complex challenge, that’s worsening for many regulated businesses who are seeing an increase in fraud, driven by new generative AI technologies.”

Andrew concluded: “I would like to thank every member of our team for their contribution in helping us achieve this significant growth milestone – the strongest growth period in the history of FullCircl is validation of our efforts to integrate three leading specialists into a single RegTech platform with a revenue angle. As a company which has been profitable for a long period, the backing from Salica Investments creates additional working capital to invest in future growth as we strive to increase our market share and continue evolving our services for the needs of our customers.”

NOTES TO THE EDITORS

About FullCircl:

FullCircl is a B2B SaaS company that brings regulation fully in-step with customer acquisition, creating better business from the start. Its global solutions drive revenue growth, keep risk and compliance in check, and streamline customer onboarding. Its software, delivered through a platform, API, and suite of applications reduces the cost to acquire and serve, clears the way for positive customer relationships, and accelerates profitable growth.

FullCircl identifies millions of actionable insights daily, providing a near real-time record of companies, their officers and shareholders, and the relationships between them. It enables businesses to verify the identity of corporate entities and individuals and orchestrate many of the time-consuming checks needed to conduct customer due diligence during onboarding, such as KYC, AML and fraud, empowering businesses to satisfy regulatory requirements and make informed decisions about their customers. By embedding KYB and KYC from the very beginning of the customer engagement, FullCircl has compliance solved.

FullCircl was formed following the acquisition by Artesian Solutions of DueDil and is backed by top tier investors including Octopus Investments, Notion Capital and Augmentum Fintech. In 2023, FullCircl acquired W2 Global Data Solutions, strengthening its KYC, AML, Fraud Detection and identity verification capabilities. Today, it serves over 500 customers, 15,000+ web application users, processes over 300 million checks per month and facilitates the onboarding of 200,000+ customers annually.

fullcircl.com

About Salica Investments:

Salica Investments is a London-headquartered international investment firm focused on private investing. It partners with founders and entrepreneurs to support growth businesses at all stages of the investment cycle.

Salica Investments has specialised and dedicated investment teams, working across a number of funds. In addition to their flagship Venture, EIS, co-investment and Growth Debt funds, Salica Investments offers a number of specialist differentiated investment strategies, including Salica Investments Environmental Technology, Special Situations, and Access, which invests in venture secondaries.

salicainvestments.com

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SOFTSWISS Presents Three Innovative Products in South Africa

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55 mins ago

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September 30, 2024

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GZIRA, Malta, Sept. 30, 2024 /PRNewswire/ — SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, has presented three new products made in collaboration with Turfsport, a leading South African software provider, recently acquired by the company.

Lotto Software
The online lottery market is projected to generate over $16.9 billion in revenue in 2024 and reach over $22.0 billion by 2029. The new Lotto Software enables operators to offer a wide range of lottery draw betting options independent of traditional lottery organisers.

The solution handles up to 80 bets and processes 3,333 bet results per second covering over 300 lottery draws worldwide. It provides an intuitive betting experience, offering numbers, sum, count, positions, colours, even/odd, and jackpot-type draws. The platform seamlessly integrates with external wallet connections without additional software. In-house lottery feed ensures fraud prevention through dual-source validation and advanced web scraping technologies.

Retail Betting Solution
The global sports betting and lotteries market is rebounding post-pandemic, with industry revenue estimated at $243.7 billion in 2024. The Retail Betting Solution, supporting betting on sports, horse racing, lottery draws, and casino games, empowers operators to establish offline gambling businesses swiftly and legally.

The solution allows players to manage their accounts across channels by connecting retail and online platforms. Operators can set up various shop configurations and track profits with a comprehensive cash management tool. The Retail Betting Solution offers pre-match and live event feeds and casino games from multiple providers at dedicated kiosks.

Horse Racing Module
The global horse betting market is expected to reach $91.2 billion by 2032, registering a CAGR of 7.6% from 2023 to 2032. The new Horse Racing Module integrated into the SOFTSWISS Sportsbook, enriches the betting portfolio by allowing players to place fixed-odds bets on multiple markets.

The Horse Racing Module provides operators with additional business opportunities, covering over 2,400 international and local races monthly. The solution engages players with race cards, silks, and multiple bet types and offers operators unique skins and configurations to align with various brand identities.

Max Trafimovich, CCO at SOFTSWISS, shares: “We present a product portfolio that not only meets the growing demand for diverse and engaging betting options but also equips our clients with an effective tool to grow their businesses. With these new solutions, operators can now offer their players a unique, reliable, and enjoyable experience.”

Photo: https://mma.prnewswire.com/media/2517803/SOFTSWISS_Three_Innovative_Products.jpg

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Viet Nam Inaugurates Center for the Fourth Industrial Revolution during Ho Chi Minh City Economic Forum

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55 mins ago

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September 30, 2024

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HO CHI MINH CITY, Vietnam, Sept. 30, 2024 /PRNewswire/ — Ho Chi Minh City, a leading center for economic, technological, and scientific development and international gateway of Viet Nam, recently hosted the 5th Ho Chi Minh City Economic Forum (HEF 2024) from September 24-27. The Forum focused on “Industrial Transformation: A New Growth Driver for Sustainable Development in Ho Chi Minh City” and culminated with the inauguration of the Center for the Fourth Industrial Revolution (C4IR) in Ho Chi Minh City.

The event welcomed nearly 1,500 delegates, including Viet Nam’s Prime Minister Pham Minh Chinh, government representatives, local leaders, international organizations, experts, and businesses from countries, such as the United States, China, Japan, South Korea and across Europe.

During the Policy Dialogue, Prime Minister Pham Minh Chinh emphasized “The industrial transformation in Ho Chi Minh City must be comprehensive, tied closely to the ambition of building a smart city with smart governance. Thus, The City will need to have special independent policies to accelerate industrial transformation.”

Ho Chi Minh City has already implemented strategies focused on the green economy, digital transformation for businesses, and favorable policies for startups and innovation. City leaders announced their commitment to further accelerate efforts in twin transformation (green hand in hand with digital) and expanding cooperation with international organizations, such as the World Bank and the Fourth Industrial Revolution Center Network of the World Economic Forum. A key focus will be establishing a modern civil service system with incentives to enhance policy implementation.

The inauguration of C4IR marks a significant milestone in the cooperation between the Vietnamese government and the World Economic Forum period 2023-2026. As the second C4IR in Southeast Asia and the 19th globally, C4IR Ho Chi Minh City will serve as a key hub for the WEF, connecting Viet Nam with global experts to drive industrial transformation.

After five editions of the Ho Chi Minh City Economic Forum, The City is ready to shape the Forum into an independent organization that will support the City’s socio-economic development goals. HEF 2024 followed the 2nd Ho Chi Minh City Friendship Dialogue (September 23-24), themed “Industrial Transformation: Experiences and Priorities in Development Cooperation,” aimed to strengthen cooperative relationships between Ho Chi Minh City and its sister cities worldwide, while promoting Vietnamese culture and people.

Photo – https://mma.prnewswire.com/media/2517455/Caption_Vietnamese_Prime_Minister_Pham_Minh_Chinh_engages_dialogue_ministries.jpg 

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UST to Expand India Presence with State-of-the-art Kochi Campus and Create Over 3,000 New Jobs in the Next 5 Years

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September 30, 2024

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Laid Foundation Stone for Own Campus at Kochi Infopark, Kochi Phase 2; To be the second owned campus in India for UST after Thiruvananthapuram.

KOCHI, India, Sept. 30, 2024 /PRNewswire/ — UST, a leading digital transformation solutions company, announced plans to expand its presence in India by adding over 3000 new jobs at its upcoming Kochi campus in the next five years, as it gets ready to inaugurate its own campus in Kochi, Kerala, by December 2027. The company, which has set itself a target of 6,000 employees in the next five years, currently employs more than 2,800 people in its existing facility at Infopark Kochi.

The foundation stone for its new Kochi campus that will come up in a sprawling 9-acre land at Infopark Kochi Phase 2, was laid, by Krishna Sudheendra, Chief Executive Officer, UST. Susanth Kurunthil, CEO, Infopark Kochi; Alexander Varghese, Chief Operating Officer, UST; Sunil Balakrishnan, Chief Values Officer & Kochi Center Head, UST; Anil Pillai, Vice President, Campus Development Team, UST, Shilpa Menon, UST Thiruvananthapuram Center Head; Sheffi Anwar, General Manager – Business Operations & Workforce Management, UST; and other leaders and employees, were present.              

The new UST campus in Kochi, which will be completed in three years, will be a 10-floor building and 4400 seats, with an area of over 6,00,000 sq. ft.  The new building will also have a modern gym for employees, and an auditorium with a seating capacity of 1400 seats. The new UST campus building will be built incorporating the latest technology, and energy efficient measures generating green energy. When the Kochi campus goes on stream, it will become the second owned campus in India for UST after Thiruvananthapuram.

UST, which already has a facility operating out of Infopark Kochi, currently caters to US, UK and APAC clients from almost all domains such as healthcare, retail, telecom, financial services/asset management, and hi-tech. Speaking after laying the foundation stone for the new campus building, Krishna Sudheendra, CEO, UST, said that the new campus will not only strengthen UST’s presence in the region but also attract more clients and create new work opportunities, positioning Kochi as a dynamic hub for innovation and growth.

“I congratulate and wish the best to UST in building its own campus at Infopark. The company has shown high levels of commitment and determination in setting this goal of having its own state-of-the-art space in the industrial hub of Kerala, and the results will soon show off,” said Susanth Kurunthil, Chief Executive Officer, Infopark Kochi.

Alexander Varghese, Chief Operating Officer, UST, spoke high of the state-of-the-art infrastructure planned for the campus and appreciated the architecture company’s role in shaping its vision. “Ever since UST began its Kochi operations in 2007, we have been able to post steady growth. The strategic location of Kochi aids companies to easily connect and reach out to other IT locations in South India. This aspect, along with Kochi’s development in social and physical infrastructure arenas, has helped UST attract talent from other locations. With UST’s own campus coming up in Kochi, we will be able to add jobs and customers in a big way,” Alexander Varghese added.

Kochi has built a name as the industrial capital of Kerala. Kochi boasts of advanced infrastructure, a large and highly skilled workforce, and a supportive business environment. With the aim of having its own campus in the city, UST had started the pre-construction work before Covid-19 pandemic.

Sunil Balakrishnan, Chief Values Officer & Kochi Center Head, UST, who expressed pride in the project’s progress, also spoke about the challenges that had arisen, and how the company had overcome all hassles to stay firmly in track. Anil Pillai, Vice President, Campus Development Team, UST, unveiled the new campus design for Kochi Center at the event.

Founded in 1999, UST, which began its India operations with its headquarters in Thiruvananthapuram, has expanded its presence across India with offices in Hyderabad, Kochi, Bengaluru, Pune, Chennai, Coimbatore, Delhi NCR, Ahmedabad, and Hosur.

About UST

Since 1999, UST has worked side by side with the world’s best companies to make a powerful impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our digital solutions, proprietary platforms, engineering expertise, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse innovation and agility into our clients’ organizations—delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact—touching billions of lives in the process. Visit us at www.UST.com

Media Contacts, UST:

Tinu Cherian Abraham
+1 (949) 415-9857 (US)
+91-7899045194 (India)

Merrick Laravea
+1 (949) 416-6212

Neha Misri
+44-7341787926

Roshini Das K
+91-7736795557
media.relations@ust.com

Media Contacts, India:

Adfactors PR
ust@adfactorspr.com

Media Contacts, U.S.:

S&C PR
+1-646.941.9139
media@scprgroup.com

Makovsky
ust@makovsky.com

Media Contacts, U.K.:

FTI Consulting
UST@fticonsulting.com

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