Fast-growing FinTech firm expands into US & Australia
A NORTH EAST software as a service (SaaS) provider is celebrating after council support helped it expand into overseas markets.
Sunderland-based fintech firm Inflo has developed ground-breaking workflow, data ingestion, data analytics and AI software that transforms the efficiency, quality and value of accounting services such as external audits.
The company, headquartered at Sunderland City Council’s Evolve Business Centre at Rainton Meadows, was founded in 2016 by former accountants turned tech entrepreneurs Mark Edmondson and Graham Clark. Since then, it has experienced rapid growth in both revenues and employees.
Inflo has taken up extra office space at the Evolve Centre to facilitate this growth and has expanded overseas with the opening of offices in the US and Australia.
It has also entered into strategic partnerships with global media giant Thomson Reuters in the US for data analytics and with Baker Tilly International, a world-wide network of accounting firms.
Founder Mark Edmondson said: “We founded Inflo with a very clear vision of allowing accounting firms of all sizes to access the same benefits of the technology used by the “Big Four” firms which dominate the audit market.
“The ability of our SaaS solution to improve the speed and accuracy of accounting services, freeing accountants up to provide added value services to clients, is incredibly powerful. We have always had our sights set on creating a globally scalable solution.
“We decided to set up headquarters in the North East because of the business infrastructure and access to talent it offers.
“Sunderland City Council has continually provided knowledge and contacts across the world to remove some of thebarriers to global expansion and allow us to focus on building the infrastructure we need to meet incredible demand.”
Speaking about the future, he added: “It’s an exciting time for Inflo and our success allows us to continually invest in the North East.
“We are pleased that we have already created many jobs and career opportunities. This includes our innovative new graduate scheme which offers an alternative route to becoming a chartered accountant.”
Councillor Michael Mordey, deputy leader of Sunderland City Council, said: “Mark and Graham are real role models for any budding entrepreneur wanting to set up a business in the city.
“By embracing technology, the company is changing the face of one of the world’s most traditional sectors and is putting the North East on the map in doing so.
“The rate of growth Inflo has achieved in such a short period of time is unprecedented and is testament to their hard working, determined nature and the skills and dedication of their team.
“We were delighted to be able to support the company during its expansion to the US and further afield and are thrilled to see it reaping the rewards as a result.”