Fintech firm launched by former tennis professional is backed by Magenta Partners
Fintech specialist Voly, which provides financial management services to the yachting sector, has revealed plans to expand following investment from SME growth investor, Magenta Partners.
Cheshire-headquartered Voly is a multi-asset management and payment solution provider founded by former tennis pro, Ian Flanagan.
The business has invested heavily in its software and support capabilities, securing around 50% year-on-year growth.
Originally launched for the yachting industry, it now also serves the media industry and private clients.
The deal underlines Magenta’s strategy of backing high-growth, niche businesses and Voly is the sixth of its latest fund, which targets equity investments of £5m – £20m.
CEO Ian Flanagan said: “Magenta’s investment is testament to the amazing growth story of our business over the last 24 months – from industry challenger to clear market leader in yachting, successful entry into the asset management space for the ultra-high net worth family office client and the first steps into new verticals.
“Alongside Magenta and our incoming chairman, Simon Morse, we have ambitious plans – commencing with several exciting upgrades to our technology alongside a substantial investment in sales and marketing and the opening of several new offices.”
Tom Matthews, Magenta partner, said: “Ian and his dedicated team have built a market leading solution with great growth potential. The yachting industry is large and unpenetrated, and we are equally excited about Voly’s fast start in the conterminous sectors of media and family offices.”
Law firm JMW advised Cheadle-based Voly on the deal.
Mike Blood, partner and Head of Corporate at JMW, said: “We’ve worked with Voly for over five years so we’re pleased to have been able to support Ian and his team as the business enters this next chapter.
“It’s a fantastic business that has seen extremely strong growth – despite the pandemic – and we look forward to supporting the team as it accelerates its growth strategy and continues to expand.”
Magenta was advised by Marc Field at Addleshaw Goddard, and Philip Quigley at Smith and Williamson.