A finance operations platform is eyeing further UK growth after raising $100 million in Series E funding at a $1.6 billion valuation.

FloQast, ‘created by accountants for accountants’, now has more than 200 clients in the UK which EMEA MD Adam Zoucha says is “rapidly growing each quarter”.

Headquartered in Los Angeles, FloQast employs more than 40 people from its London base near Oxford Circus.

“We will plan to move to a larger London HQ sometime within the next 12 months, in a similar location,” Zoucha added to BusinessCloud.

“The UK market is ripe for innovation and the market response we have received in such a short period of time is that FloQast is the solution the market has been waiting for.” 

Since its founding in 2013, FloQast’s accounting operations platform has been adopted by more than 2,600 teams globally, giving them better insights to inform business strategy. FloQast recently attained $100m in annual recurring revenue.

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The new funding – led by ICONIQ Growth alongside fellow new investors BDT & MSD Partners and WiL (World Innovation Lab), with continued participation from Meritech Capital and Sapphire Ventures – will be used to harness artificial intelligence and drive continued growth and global expansion efforts.

“Our enhancements in the compliance space coupled with financial close have made FloQast a ‘need to have’ – especially as further regulation rolls out like UK corporate governance,” continued Zoucha. 

“Being at the forefront of AI development in our space has also resonated with the UK audience and will only get stronger alongside partners like PWC UK.

“We are aiming to increase turnover every year and have an ambitious growth trajectory. The employee headcount will grow in step with that turnover/client growth, to best service our valued clients. This will also create a lot of potential opportunities for our current employees as the business grows.”

Zoucha said the firm is seeing stronger interest from the FTSE 250 & FTSE 100 as its client base continues to grow in that segment.

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