Guernsey founded private markets fintech business IDR is growing.
The firm, which provides ‘one and done’ investor onboarding services to private markets fund managers, doubled its revenue and global headcount during 2022.
Key drivers for continued growth include:
A partnership with global technology behemoth FIS Global;
Establishing in the UK, Luxembourg and North America
The launch of subscription and MLRO services
The growth of its new Cape Town office from 0 to 30 people inside 12 months.
“These are significant developments for our business which position us well for continuing on our rapid growth trajectory in 2023. Recruitment is therefore high on our agenda and we’ve increased our office space in Guernsey’s iconic market building to accommodate further expansion of the team here,” said founder Tim Andrews.
IDR connects nearly 40,000 investors - over 50% of the world’s private markets investors – to 5,500 funds.
The firm has a presence in 11 locations and works with some of the biggest fund managers in the industry.
“We made it our mission to connect fund managers and investors directly via our global ‘hub’. Investors still complete all the necessary checks around whether they’re eligible to invest but with us they do this once to create a digital investment passport which they can share securely with all their investments. Fund managers can raise funds more quickly from this pre-approved pool of investors. It’s a win-win solution to an industry wide problem.”
The company offers a path into the finance industry outside the traditional financial services space, he added.
“Our growth isn’t going to stop here: this year we’re gaining regulatory approval in Luxembourg, we’re expanding in the US and we’re extending our client offering.”
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