Author: Patrick Killeen

The second edition of GM Business Growth Hub’s ASCEND Scale Up Programme is underway – and it has started as it means to go on.

A total of 25 companies are set to benefit from the programme which proved a roaring success for Manchester’s tech ecosystem last year, with businesses such as Specscart, CODE Beautiful and Parker Neal reaping the rewards.

This year, monthly meetings are taking place at Brewin Dolphin’s offices in the heart of the city. I headed along to the first of these to hear how support is being ramped up even further for scaling Greater Manchester businesses.

RelyComply, a South African anti-financial crime platform, is expanding to the UK.

The firm specialises in Anti-Money Laundering (AML), Know-Your-Customer (KYC), and Know-Your-Business (KYB) processes. It says it plans to vastly overhaul how financial crime is combated across the country.

Founded in 2020, it says the business is one of a new wave of RegTechs focused on global problems that may not be considered ‘flashy’ yet can quietly save financial institutions and FinTechs millions of pounds.

Owlstone Medical has secured an award of up to £39.3m million from the Advanced Research Projects Agency for Health (ARPA-H) to support the development of next-generation breath and urine-based cancer diagnostics.

The Cambridge-based company, behind the ‘Breath Biopsy’ platform which aims to diagnose disease, will lead the POSEIDON (Platform Optimizing SynBio for Early Intervention and Detection in Oncology) programme.

The initiative aims to create synthetic-sensor-based Multi-Cancer Early Detection (MCED) tests capable of identifying more than 30 solid tumours at Stage I using only breath and urine samples.

The goal is for these non-invasive tests to be available for at-home use and sold over the counter.

The MedTech’s project is looking to deliver low-cost, accurate cancer screening to adults across the US and will be run in partnership with the Massachusetts Institute of Technology, Boston University, Georgia Tech Research Corporation, Qurin B.V. and Planned Systems International.

Author: Patrick Killeen

London-headquartered FinTech GoCardless has reached profitability for the first time, 14 years after it was founded.

The bank payment company recorded its first EBITDA-positive quarter on an adjusted basis, operating in the green in the final three months of FY25 (April to June 2025). 

The milestone follows a strong financial year, when the business reported a 38% rise in revenue to £127 million and cut losses by 55% to £35m. 

Since then, it has achieved a series of milestones designed to strengthen its market position and accelerate growth. 

Among them are the completion of its acquisition of Nuapay, the expansion of its indirect channel proposition and the launch of its first disbursements capability in June.

It also announced plans to open a new Northern hub in Leeds, which was praised by Chancellor Rachel Reeves and West Yorkshire Mayor Tracy Brabin.

Kanishka Narayan MP has been confirmed as the new Minister with responsibility for intellectual property.

They were appointed as Parliamentary Under-Secretary of State in the Department for Science, Innovation and Technology in September.

Intellectual Property Office CEO Adam Williams said: “I look forward to working with Minister Narayan to continue supporting the government’s growth mission by helping ensure brilliant ideas are protected, commercialised and supported to thrive.”

Author: Jonathan Symcox

Revolut founder Nik Storonsky has moved his main residency from the UK to the United Arab Emirates.

Storonsky, who founded the neobank in 2015 and renounced his Russian citizenship following the invasion of Ukraine, has built Revolut into the UK’s largest FinTech, valued at $75bn.

The updated residency was revealed in Companies House filings. There has been a rise in the number of company directors leaving the country since Labour came to power.

In September Revolut unveiled its new global headquarters in Canary Wharf alongside a pledge to invest £3 billion in the UK over the next five years.

We reported yesterday how M&A expert Max Thomas says the $75bn valuation, achieved following a funding round & employee share sale, raises critical questions about its sustainability ahead of a potential IPO.

125 of the UK’s most prominent CEOs, entrepreneurs, university Vice Chancellors and cultural institutions will join the Prime Minister on a trade mission to India this week.

Following the signing of a landmark trade deal in July, the likes of Rolls-Royce, British Telecom, Diageo, London Stock Exchange and British Airways will join Keir Starmer’s delegation as he looks to secure opportunities for them to grow and expand into the Indian market.

According to the Government, the UK-India trade deal is set to increase UK GDP by £4.8 billion each year, add £2.2b to wages and benefit communities right across the country.

A listed company developing circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology is ‘transitioning’ its CEO and CFO out of the business.

ANGLE plc said chief exec Andrew Newland and finance chief Ian Griffiths – neither of whom is on the company’s board – will have their contractual entitlements honoured over the next 12 months.

Chairman Dr Jan Groen has moved into an executive role to lead the company as it pursues a revised strategy, focused on tight cost control, accelerated commercial progress and a clear plan towards becoming a sustainable business.

Dr Groen has over 25 years of experience in the commercialisation of clinical and personalised oncology diagnostics, and has led the turnaround of several companies.

The company has a cash runway into Q1 2026 and will need to raise funds in the coming months. It is also proposing to change its name to CelLBxHealth plc.

Author: Jonathan Symcox

Imperial College spinout Monolith AI is to be acquired by CoreWeave, a specialised cloud provider for AI based in the United States.

Last year Nasdaq-listed CoreWeave opened an office in London as its European headquarters as part of a broader expansion into the continent, with the promise of £1 billion investment.

Its data centres support some of the largest deployments of high-performance GPU clusters in the world, and the infrastructure through which those clusters are consumed is designed with engineers and innovators in mind. 

It is working with NVIDIA, Microsoft and Nscale to scale the UK’s AI infrastructure.

Now it has agreed to acquire Monolith, a pioneer in applying artificial intelligence and machine learning to solve complex physics and engineering challenges, for an undisclosed sum.

Author: Hannah Churchman, head of innovation and growth, Bruntwood SciTech

Ahead of FUEL Manchester on Thursday, we spoke with Bruntwood SciTech’s head of innovation and growth Hannah Churchman about moving the needle for growing businesses.

Before moving into innovation-focused roles in Lancashire and now Manchester, Hannah helped scale an EdTech SaaS firm to £3 million ARR.

Having worked in roles from technical sales to product management and managing director, she has done everything from leadership and marketing to product development and business operations.

“That was a brilliant learning experience and really taught me what it takes to build and scale a tech business from the inside,” she said ahead of the breakfast event at No.1 Circle Square.

“I understand the operational realities behind growth. I can relate to the challenges that entrepreneurs and scaleups face. I understand the difference between what sounds good in theory and what actually moves the needle for growing businesses.

“I think most importantly, it taught me that innovation isn’t just about having great ideas – it’s about execution, building the right structures, tech and teams, and creating sustainable pathways for growth.”

Wilmslow-headquartered digital skills and apprenticeship provider Apprentify Group has been named as one of the 50 fastest-growing firms in the North of England in the UK Fast Growth Index 2025.

Apprentify is a skills, training and apprenticeship provider. Through its specialist brands, the group delivers employer-focused learning solutions that empower individuals with digital, technical and professional skills.

All the firms on the list have also been entered for the 2025 UK Fast Growth Awards being held in London on November 26th where the winners will be recognised as the fastest growing in their sectors and their regions.

UK credit technology company Abound has passed £1 billion in total lending volume, less than five years after launching.

The London-based FinTech uses open banking and AI to analyse customers’ bank transactions in real time. This provides a more accurate view of affordability compared to traditional credit scores, which often rely on statistical averages and limited data.

For the year to February 2025, Abound reported £8m in net profit.

The Royal Bank of Scotland (RBS) has revealed plans to launch the first IP-backed loans for high growth businesses in Scotland – allowing them to access vital funding using the value of their Intellectual Property as collateral, instead of traditional physical assets.

It follows a change in Scottish law earlier this year whereby the Moveable Transactions (Scotland) Act 2023 took effect, giving lenders the ability to accept effective security over IP rights.

Next year, loans ranging from £250,000 up to £10 million, will improve the funding pipeline for high-growth Scottish businesses who, because of their lack of fixed assets, often find it difficult to secure funding to drive their growth.

RBS’ parent NatWest Group launched IP-backed loans in 2024 under its NatWest brand and has already agreed to lend high growth businesses in England and Wales in excess of £22m total funding. These include companies specialising in cloud-based software services, smart system technology, state of the art engineering and AI gaming platforms.

Yorkshire tech firm SmartSearch has agreed a deal to acquire Credas Technologies, a Cardiff-based provider of identity verification solutions for the legal and property sectors. 

SmartSearch, based in Ilkley, West Yorkshire, says the strategic acquisition enhances its position as one of the UK’s foremost digital Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance platforms.

The deal is subject to regulatory approval.

Invigilator, a South African-founded remote assessment platform, has raised $11 million in international equity funding to advance its expansion in both the UK and the US.

Founded in 2020, Invigilator’s platform is already used by more than 100 institutions worldwide, supporting over 850,000 registered students and processing more than six million results across 75,000 assessments.

The capital will fund Invigilator’s UK launch, scale its US presence, strengthen product development (including multilingual capabilities), and build commercial and support teams to partner with universities, awarding organisations, and professional bodies.

Its secure, data-light architecture combines mobile and PC proctoring with live AI monitoring, AI assistance detection, identity verification, configurable authentication, and anti-plagiarism tools – all designed to protect assessment integrity while remaining inclusive and accessible.

Lavasource, a provider of business transformation services across HR, payroll and technology, has opened a new office in Delaware.

The company, based at Sci-Tech Daresbury in the Liverpool City Region, is making a strategic investment in ‘one of the most dynamic HR and technology markets in the world’.

Lavasource, which claims to host the world’s largest dedicated talent marketplace for HR and HR tech, has delivered large-scale transformation projects in more than 70 countries, supporting clients across a diverse range of industries.

Digital agency Space 48 has rebranded as Glass Atlas.

The Manchester-based firm was backed by Foresight in 2021 and has grown since from 45 people to 180, with client numbers climbing from 40 to 140 and revenues from £4 million to over £16m as it acquired Brave the Skies, Bring Digital, and This is Digital, creating the Dark Matter Commerce collective in 2024.

Its clients include leading retailers such as Footasylum, Richer Sounds, American Golf, GoShorty, The Grafton Group, and RNIB.

Glass Atlas – a rebrand which also takes in all the sister companies – is targeting revenues exceeding £20m through strong organic growth and strategic M&A.

Specialist analytics and risk consultancy 4most has appointed Liam McLaughlin, formerly a partner at EY, as head of clients and markets.

In the newly created role, he will lead client engagement and support 4most’s international expansion across the UK, Europe, the Middle East and beyond.

McLaughlin brings more than 20 years of leadership experience in financial services consulting, with senior roles at EY, Deloitte and IBM. He has led large-scale transformation programmes and advised top-tier banks, insurers and capital markets businesses on complex challenges.

The Digital Pathfinders programme, delivered by Sunderland Software City and funded by the North East Combined Authority, has expanded south of the Tyne.

It will now offer fully funded digital support to SMEs, charities and social enterprises in Durham, Gateshead, Sunderland and South Tyneside — helping more organisations adopt technology, boost productivity and future-proof their operations.

The programme, currently serving Newcastle, North Tyneside and Northumberland, has supported more than 450 organisations since 2020, creating 40 jobs.

Free one-to-one sessions and workshops on AI, website development and digital marketing are available until March 2026.

Law firm Pinsent Masons is moving its Manchester offices to One St Michael’s.

Partner and head of Manchester office Neil Black said: “This move isn’t just about a new address, it’s about ambition.

“No.1 St Michael’s represents our commitment to Manchester’s future, to our people, and to the clients and communities we work with.

“We’re proud to contribute to the energy and innovation that define Manchester, and we’re excited to continue building meaningful relationships and impactful work in a place that inspires us every day.”