Credit risk data and risk intelligence firm Red Flag Alert has secured £4.5m in funding from Foresight and Uncapped.
Red Flag Alert is a company based in Manchester and currently employs around 50 staff members.
The firm has developed a proprietary SaaS (Software as a Service) business intelligence platform that offers various modular capabilities. These capabilities include compliance, prospecting, risk management, and financial health assessments. Their platform is sold to a growing customer base consisting of corporate clients.
The company’s success is attributed to its commitment to providing excellent service levels to its customers. They continuously invest in their product to introduce new functionalities for users. Recently, Red Flag Alert launched a third-generation platform with an improved user interface and functionality. They also introduced an updated accuracy scorecard, which has contributed to their growth acceleration.
Overall, this funding is expected to support the company in further enhancing its product and expanding its customer base.
Red Flag Alert managing director Rich West said: “The data space is very fast-paced, and the demand is growing especially quickly. As disrupters in the industry, we find ourselves uniquely placed to meet the demands of our customers who need someone available immediately and not a business where they just feel like a cog in a wheel.
“We care about every one of our customers and find that a direct, personable approach is something that sets us apart from our competitors. We’re not afraid to upset the status quo of the market, and that has led to strong growth in our area. We’ve gone from nine to 50 in just two years and this investment will help us to grow even larger to meet the expectations of our customers.”
Red Flag Alert founder and data director Mark Halstead said: “My background is in data and insolvency, and I’ve seen a lot of change during my years in the industry. At Red Flag Alert, we understand that businesses are busy and don’t always have time to guess what will happen to their clients, but what you can do is track their financial health.
“Our investment with Uncapped and Foresight is going to be key to supporting this agenda and moving forward with our plans for the future.”
Foresight senior investment manager Fiona Hatch added: “Red Flag Alert has built an impressive product and customer base. With our investment and support, the team will be in a great position to benefit from the potential market opportunities. We look forward to working with Richard and the rest of the team to enable the next phase of their growth.”
The investment from Foresight and White Cap will serve as a catalyst for Red Flag Alert’s management team in realising their growth ambitions.
The capital infusion will enable the company to continue investing in product development, thereby enhancing its offerings. Additionally, it will facilitate the creation of high-quality and sustainable job opportunities.
Moreover, the investment will empower Red Flag Alert to expand its commercial capabilities and reach, enabling them to tap into new markets and broaden its customer base.
