Palatine has backed Manchester-based FinTech business Voly Group with a £2 million loan from its growth credit fund towards a key acquisition.
Headquartered in Cheadle, Voly’s financial management software is used across the international luxury yacht industry to manage operational expenditure and maintenance.
It provides superyacht captains, crew, owners, management companies and family offices with the ability to conduct instant global transactions, backed by transparent, real-time reporting.
The deal includes funding for Voly’s acquisition of specialist maritime payroll provider Voyonic, which adds multi-jurisdiction payroll capabilities to its Software as a Service offer.
Voly was established in 2016 by former professional tennis player Ian Flanagan and has rapidly grown to become the market leading multi-asset financial management platform in the yachting sector.
It employs circa 100 staff at its HQ in Cheadle, Greater Manchester and locations across the UK and Europe. In 2021 Voly Group received private equity investment from Magenta Partners.
The Palatine growth credit fund has been raised to support maturing, high-growth companies in the UK regions which are seeing sustained double-digit year-on-year revenue growth.
“Voly is a genuine market leader with a unique product, a highly impressive founder, and strong backing from its equity sponsors,” said Ryan Sorby, partner at Palatine Growth Credit.
“Ian and his team have achieved very exciting growth to date and the acquisition of Voyonic adds yet more value to Voly’s best-in-class proposition.
“The growth credit fund was raised to address an imbalance in the availability of growth capital in the UK regions and it’s particularly pleasing that its first deal in the North is supporting such a stellar example of Manchester’s tech community.
“We’re excited by the potential for the Fund to be able support future growth at Voly as it continues to develop.”
The fund sits alongside Palatine’s established buyout and impact private equity funds.