Christian Nentwich, CEO of Duco
The London-based fintech firm, which develops software for banks and brokers, will use the funds to hire staff and expand overseas.
Duco, the London-based data engineering technology company, has closed a £19.8m funding round led by Insight Venture Partners, NEX Opportunities and Eight Roads Ventures.
The investment round also included an investment by lifetime entrepreneur and former CEO of SunGard, Cristóbal Conde.
Duco provides technology that enables banks, brokers, asset managers and exchanges to normalise, validate and reconcile any type of data in Duco’s cloud, providing firms with on-demand data integrity and insight.
The company has seen rapid and global growth as the industry re-platforms, adopting advances in leading technology to eliminate operational risk and cost and making actionable data more immediately available across the enterprise.
Duco will use the investment to expand its global footprint, with headcount growth in Europe and the US, the launch of an Asia office and an expansion of its award-winning product set.
Christian Nentwich, CEO of Duco, said: “Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions.
“We have gained considerable traction as the industry looks for intelligent answers to evolving new market realities.
“Our clients have engaged us globally at a strategic level and are relying on our proven ability to deliver at scale.
“This investment enables us to push further in applying our natural background in computer science to solving fundamental industry problems, while strengthening our resources to deepen relationships with our existing client base.”
Cristobal Conde added: “I am delighted to be deepening my relationship with Duco at this important inflection point for the company.
“Reconciliation in financial services, and particularly in banks and large asset managers, is an area that requires a shake-up and re-engineering in the coming years.
“Duco is focused on bringing technological advancements to market in an industry that is ripe for disruption.
“The company is taking significant market share and will emerge as a household name in the coming years.”