SEP leads €25m boost for fintech business
Glasgow-based venture capital and growth equity group Scottish Equity Partners (SEP) has led strategic investment of €25 million (£22m) in an Irish fintech whose clients include Uber as it targets further global expansion.
Immed is provides enterprise technology for global payroll and mobility tax services to multinationals.
It has received the sum from SE P, backed by bluechip international investors including the Ireland Strategic Investment Fund. The Dublin-based firm, par t of Terry Clune’s international fintech company Tax back Group, has grown on the back of its global payroll technology offering iconnect, which uses robotic process automation, artificial intelligence and data visualisation.
I mm ed is chief executive Ruairi her noted the plan to create more jobs, adding that said SEP’s “investment and experience of scaling technology companies will help us further execute on our ambition to be the best in the world, continuing to balance our market-leading technology with deep international tax knowledge that puts our platform to the fore of the global payroll landscape”.
SEP partner Keith Davidson said: “Immedis has a fantastic record of growth to date, the leading cloud-based global payroll platform in iconnect, and an exceptional track record of delivering for its customers. We are excited to have Immedis join our investment portfolio.”
The Scottish firm in April said it had agreed to sell its portfolio of on shore wind farms in a deal worth £50m.