A former British Army captain has raised £1.3 million in pre-seed investment from female angel investors for her FinTech DataWollet.
Cardiff-based Jen Lothian (pictured centre), who served in Afghanistan, subsequently performed tech roles at Bank of America before joining financial services group Octopus.
She founded DataWollet, described as the UK’s first full-spectrum open finance platform, in 2022. It aims to offer a single gateway for instant access to consumer financial data.
The round includes the first-ever investment from the new Angel Academe/Syndicate Room EIS Fund, the UK’s first EIS fund dedicated to female founders, alongside lead investor and FinTech specialist 1818 Ventures.
Twelve existing angel investors also increased their commitments, reinforcing their confidence in the business.
A further £335,000 was contributed through a strategic syndicate assembled by Sarah Williams‑Gardener, combining support from the Development Bank of Wales Angel Co‑investment Fund and a group of senior industry leaders, including five female fintech operators turned investors.
“Closing an oversubscribed investment round in the current economic environment is a powerful endorsement of the breadth of applications for our first-in-world AI and our traction,” said Lothian.
“This latest investment, and the backing of those behind it, means we can supercharge product development, especially our neuro-symbolic AI, and go to market.”
Sarah Williams Gardener OBE (pictured, right) was making her first investment round as lead angel.
“DataWollet is addressing a huge challenge within financial services. The combination of neurosymbolic (systems that learn from data while reasoning transparently) AI, real-world application, and a strong execution capability makes it a highly compelling proposition,” she said.
“I am proud to have led a syndicate of prominent female FinTech investors who recognise both the scale of the opportunity and the strength of Jen’s leadership. This is deliberate capital allocation on a decision grounded in commercial conviction.”
Capital from the investment will accelerate DataWollet’s commercial expansion, deepen strategic partnerships and further enhance the company’s technology platform.
Rt Hon Jo Stevens MP, Secretary of State for Wales said: “This deal is a strong vote of confidence in our growing FinTech and AI sectors.
“The UK government is rolling out two AI Growth Zones in Wales to encourage investment that turns cutting-edge innovation into high-value jobs and real economic growth.
“This is exactly the kind of ambitious, future-focused business which is helping to cement Wales’ reputation as a leading destination for technology and investment.”
The successful investment round was announced during a market opening at the London Stock Market, which recognised and celebrated female leaders who are shaping Wales’ Financial Services. In attendance were 40 women who have made an impact on the Financial services ecosystem in Wales.