North East fintech firm to create hundreds of new jobs following £1m investment

A North East fintech firm has announced that it will create hundreds of new jobs in the sector after securing a £1m investment.

Growth Capital Ventures (GCV), based in County Durham, is using the investment to support 30 tech startups, creating hundreds of jobs and increasing its own headcount from 22 to 40.

GCV has now opened up the investment round to new private investors via its online investment platform.

Craig Peterson, co-founder and chief operating officer at GCV, commented: “Over the past five years we have been on a mission to support entrepreneurs and innovators to build and launch high-growth businesses that transform industries.

“The fundraise will not only increase our capacity with further quality hires and expand our venture builder arm but in turn will enable the creation and scaling of the UK’s next wave of innovative tech start-ups.

“As consumers and businesses are relying more on technology as a result of COVID-19, we feel this investment comes at the right time to combine capital and intensive support to build better, more sustainable businesses.

“Through our three business divisions we’ve developed a powerful approach to creating, launching and scaling high-growth businesses.

“We have the capability to support the start-up and expansion of several ventures that have the capacity to add real value to the UK’s tech industry.

“This sector will be vitally important to the UK as the economy tries to recover from the devastating impact of the coronavirus.

“Our aim now is to invest in and support exciting new projects that can build, launch and scale businesses, creating much-needed jobs at a time when employment is falling due to COVID-19.”