Local MP and former Digital Economy Minister Rt Hon. Ed Vaizey visited the innovation centre of RegTech business NorthRow on Friday 23 November. Headed by Adrian Black, NorthRow helps businesses to reduce the risk of financial crime by automating identity and compliance checks.
Mr Vaizey heard how the company, founded in 2010, has doubled its turnover in the past year. He was particularly impressed to hear that this has allowed NorthRow to employ an additional 14 people, mostly in Oxfordshire.
The MP was also welcomed by Charlie Winward of NVM Private Equity, who, alongside Maven Capital Partners, provided NorthRow with substantial Venture Capital Trust (VCT) investment last year. This investment has enabled the company’s expansion, while helping to develop its products and bring them to market. NVM has also provided two board members, and general business advice.
Adrian Black, Founder and Chief Executive of NorthRow, said:
“We were delighted to welcome the Rt Hon. Ed Vaizey MP to our offices here in Milton Park. NorthRow continues to grow and expand our offerings helping clients to undertake AML, KYC and KYB checks via a single API.
Financial crime is a significant problem and we remain committed to reducing its impact. The VCT investment we obtained has helped us to grow, has provided high skilled jobs and has helped us to contribute to the local economy”
Ed Vaizey MP said:
“It’s great to see such an innovative RegTech business thriving in Milton Park. NorthRow does really impressive work in helping financial services organisations to improve their efficiency and customer experience, while reducing the risk of financial crime.
“NorthRow’s expansion is good news for the area – particularly given the local hires they’ve been able to make over the past year.
“It’s clear that many innovative businesses can struggle to access the finance they need to realise their ambition. I’m delighted that NorthRow – backed by NVM’s VCT investment – has become so successful, and I look forward to hearing about their continued growth.”
VCTs managed by NVM and Maven first invested in NorthRow last year. Charlie Winward from NVM also attended the visit on Friday, saying:
“NVM is proud to invest in NorthRow and help the business’ continued growth.
“Investing in young, innovative businesses like NorthRow –and providing expertise and advice alongside – is the whole point of Venture Capital Trusts.
“We congratulate NorthRow on their success, and look forward to supporting their growth in future.”