MP Praises Growth of Local RegTech Business
MP Ed Vaizey Visits NorthRow’s Office in Oxford
Local MP Ed Vaizey visited the innovation centre of RegTech business NorthRow on Friday. 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 Tim Levett and Jason Warren of NVM Private Equity, who provided NorthRow with a 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, CEO of NorthRow: “We were delighted to welcome the Rt Honourable Edward 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 it’s 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“
Fig 1: Adrian Black, CEO at NorthRow (left), Ed Vaizey, Local Conservative MP Didcot and Wantage (centre) and Charles Winward NVM (right).
Ed Vaizey MP said: “It’s great to see such an innovative FinTech 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.”
Charles Winward said: “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.”
Notes to editors:
NorthRow helps helps regulated companies including financial services organisations to improve operational efficiency and customer experience whilst reducing compliance risk.
The business delivers a unique combination of automated and managed “Identity Verification” and “Know Your Customer” services, via a single API. This helps to make client onboarding as friction-less as possible, whilst meeting Anti-Money Laundering and other compliance requirements.
Northrow was founded in 2010, and has offices in Milton Park and London.
About NVM Private Equity
Founded in 1984, NVM is a long established investor focused on the UK regions, primarily targeting small management buy-outs and growth investment in businesses.
About the VCTA
The Venture Capital Trust Association (VCTA) is an organisation representing fund managers from ten of the largest VCT funds in the UK. Collectively, the funds comprise more than 75% of the industry, and manage £3.3 billion.
VCTs are government-backed investment vehicles designed to channel capital into innovative and ambitious firms.