Octopus to increase ownership stake in Seccl, co-founders David Harvey and Hugo Thorman set to depart
Seccl Technology, a UK-based embedded investment tech firm, has announced that its parent company Octopus is set to expand its shareholding in the business.
Octopus to expand its stake in Seccl
The fintech start-up adds that its co-founders, David Harvey and Hugo Thorman, will also depart the company next month.
Ruth Handcock, CEO of Octopus Money and chair of Seccl, says that the firm was impressed by Seccl’s potential upon acquiring the company in 2019 and remains “even more convinced today”.
Seccl offers an API-powered embedded investment platform that it claims provides improved customer experience due to its integrated client illustration features, faster transactions via its support for open banking instant payment methods, and increased security of clients’ funds thanks to the fintech’s proprietary custody and trading system.
In a post on his LinkedIn page, departing co-founder David Harvey says that he hopes the firm has “moved the industry a notch forward by creating open technology that has ultimately led to better outcomes for investors of all backgrounds”, adding that he has “absolutely no doubt” that Handcock and Seccl’s current CEO David Ferguson “will now drive Seccl to the winning line”.
He says that following his departure from the fintech in March, he will “spend a bit of time taking in what has been achieved since taking the plunge and starting a business”, and that he plans to “reflect and absorb the lessons from the past eight and a half years, all of which I’ll carry forward into whatever comes next”.
