HSBC funding helps Synapse double headcount

HSBC funding helps Synapse double headcount

Birmingham-based technology start-up Synapse has doubled its headcount after securing a £500,000 funding package from HSBC.

The company is also looking to expand its presence overseas as it looks to open offices in the USA and Australia within the next five years.

Established in 2012 by a team of Silicon Valley veterans, Synapse works with companies to consolidate their finances and streamline their data infrastructure through smart spreadsheet solutions.

Tineke Booth FCA, head of finance and operations, said: “HSBC’s support has enabled us to double our workforce and move ahead with delivering our vision of improving the workload of Group finance departments worldwide.

“The working capital provided by HSBC has put us in a strong position for further growth, meaning we can continue to hire expert local talent, take on new clients and introduce new products to our portfolio through our R&D efforts.”

Steve Peart, area director for business banking at HSBC in Birmingham, added: “Synapse Information is a young business with ambitious plans to enter new markets overseas.

“As one of the largest international banks, we are confident in our ability to help it achieve this.”

Based at the Innovation Birmingham Campus, Synapse hopes to expand its customer portfolio within the financial industry both in the Midlands, across the UK and abroad.

The business is already turning over £2m in revenue, and expects to turn over £5m in the next two years.

BQ caught up with founder Brian Donnelly last year to hear how he got the company started. Read the article here.