Lightning Reach, a financial support portal based in London, has been acquired by European Technology Group.

ETG is described as a mission-aligned GovTech group and long-term investor.

Over 20 million people in the UK live in financially vulnerable circumstances, yet over £23 billion in financial support goes unclaimed each year, as the process is complex, slow and spread across multiple organisations. Lightning Reach was founded during Covid-19 to make accessing that support simple, through a single platform.

It has reached more than 300,000 people and facilitated over £25m in financial assistance, and is partnered with more than 100 utility providers, local authorities, charities, housing associations and banks across the UK.

With ETG’s backing, Lightning Reach says it will get long-term investment and public sector technology expertise to accelerate its goal of helping over 1 million people access financial support by 2028.

As part of the transition, COO Rhiannon Sheridan becomes CEO, with founder Ren Yi Hooi remaining involved as a director.