Wantage MP Rt Hon. 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.
RegTech is the use of new technology to facilitate the delivery of regulatory requirements.
The company, founded in 2010, has doubled its turnover in the past year and employed an additional 14 people, mostly in Oxfordshire.
The MP was also welcomed by Tim Levett and Jason Warren of NVM Private Equity, which 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. Financial crime is a significant problem and we remain committed to reducing its impact. The VCT investment we obtained has helped us to grow, provide high skilled jobs and 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.”
A VCT managed by NVM first invested in NorthRow last year. Tim Levett and Jason Warren from NVM also attended the visit on Friday. Tim Levett said: “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.”