Dublin, Ireland — 5 July 2024 — CreditLogic, an innovative Irish fintech company, has secured €3.5 million in growth funding to accelerate its expansion across Europe. This funding round includes investment from Riverside Acceleration Capital (or “RAC”), part of the global private investment firm The Riverside Company, marking RAC’s first investment in Ireland. Successful individual technology investors have also contributed to the round.
SaaS platform dramatically cuts costs for banks
Founded by Chief Executive Eddie Dillon and Chief Technology Officer Gavin Bennett, CreditLogic offers a SaaS data platform that radically simplifies the capture, processing and validation of client data for banks. Drawing on their experience leading digital transformation at a pan-European bank, they developed a highly configurable platform. Instantly deployable, it can reduce customer processing times by 90% and cut the operational costs of complex processes by 50%.
Eddie Dillon, Founder and CEO, commented:
“We recognised banks’ competitiveness relies on their simplification of core processes, but 70% of these efforts fail, according to McKinsey,” says Dillon. “We had previously tried to buy or license a SaaS platform like this in banking, but it didn’t exist. Designed by a team with banking product and technology domain expertise, the solution we built is driving huge customer, financial and ESG efficiencies for our clients.”
From Irish market domination to international expansion
CreditLogic already serves all banks in Ireland, key public sector entities, and over 60 other regulated businesses. In Ireland, it processes over 40% of all new consumer mortgages. The company has recently expanded in Europe, opening an office in Madrid, Spain. Led by Elena Alvarez, a former senior digital and innovation executive with BBVA and Meta, it will support the company’s international growth. The new funding will enable CreditLogic to enhance its capacity and achieve its international growth objectives. The company plans to add 15 full-time roles in AI, data science, engineering, and sales and marketing.
“Our mission is to accelerate digital transformation in the banking sector, giving consumers the efficient, user-friendly, digital experiences they demand and restoring the competitive edge of banks,” added Dillon. “We’re thrilled to have the support of RAC and our existing investors, who bring a strong track record of success in technology investment.”
Riverside excited to see CreditLogic transform banking
Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies.
Jonathan Drillings, Partner at RAC, says:
“We look to identify high-growth B2B software companies led by strong management teams where we believe our growth capital, advice, and programming can help them mature and scale. We were impressed by the CreditLogic’s team, growth to date, and the validation of the platform with customers of scale. We’re delighted to partner with the team and excited about the potential of CreditLogic.”
Dr Martin Scott, Chairman of CreditLogic, said:
“Implementing the next step in a fundraising strategy tailored to our scale-up journey is a critical point in our growth. This round combines funding from RAC, alongside sustained investment from individuals with strong international investment track records. The company is successfully executing a mature growth strategy where strong customer advocacy and economic discipline are paramount. The team and I are excited by the international market opportunity. CreditLogic showcases the best of Irish fintech talent.”
