Synapse Information eyes international expansion after funding deal

A BIRMINGHAM-based tech start-up that provides smart business spreadsheet solutions, has doubled its team, accelerated research and development activities and put plans in place to expand abroad following a £500,000 funding package from HSBC.

The funding has enabled Synapse Information to lay the groundwork for expanding overseas.

It aims to open offices in the US and Australia within the next five years.

Established in 2012 by a team of Silicon Valley veterans, Synapse Information – based at the Innovation Birmingham Campus – works with companies to consolidate their finances and streamline their data infrastructure through smart spreadsheet solutions.

Its clients primarily operate in the financial and retail sectors.

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

Tineke Booth, the firm’s head of finance and operations, said: “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.”