Kano co-founder, Alex Klein
HSBC UK has announced a partnership with London-based, leading creative computer company Kano. The deal will see HSBC UK support Kano with a £14 million funding package to facilitate the company’s ambitious growth plans.
“The technology sector is a key area of focus for HSBC UK, and we are looking to apply our expertise and global footprint to support the journey of high growth, entrepreneurial businesses – Kano fits that profile exactly,” said Roland Emmans, HSBC UK Head of Technology.
“The UK EdTech market has the potential to be transformative, helping each and every student achieve their potential. These new tools and devices benefitting teacher-student interactions, job satisfaction for teachers and student outcomes.”
The agreement will help Kano to sustain year-on-year growth in 2019, provide a more flexible lending approach to its working capital cycle and further enable the company to respond quickly to the increasing demand for their products globally.
“We are committed to further investing in our core markets, whilst enhancing our expansion into Europe, Asia and South America,” said Alex Klein, Co-founder & CEO of Kano. “With our widespread reach and deal with HSBC UK, we now have a banking partner that can offer us the knowledge of a global network and provide flexible financial backing to help us meet supply and demand.”
“Kano is a hugely exciting company that educates the next generation to understand how technology is created. With a fun and simple approach, Kano encourages learning through play. The business has already seen sales grow dramatically year-on-year and we are thrilled to support the company with funding to aid additional global expansion,” added Nicolae Stan, HSBC UK Relationship Director for East London Corporate Banking Centre.
Since shipping its first “computer and coding kit for all” in September 2014, Kano’s mission has been to give makers all ages the opportunity to understand, influence and create technology, not just consume it. This is done with the power of open devices and code, rather than through sealed, one-size-fits-all computers.
With more than a quarter million devices in 150 countries, Kano kits have been used to create more than 67 million lines of code, and counting. Makers all over the world have shared more than 859,000 creations, from music to art, games to apps and more on the company's online platform, Kano World. In 2018, Kano introduced new kits to its lineup, including the Harry Potter Kano Coding Kit.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement