3173 Limited Announces Investment from Synova into its Group of Businesses
3173 Limited today announces an investment into its group of businesses in the pensions industry that includes Dalriada Trustees Limited, Mantle Hosting Limited, and Spence & Partners Limited.
This partnership with growth investor Synova, will consolidate the group’s existing market-leading positions in pension scheme trustee services, unique pensions software, consultancy, administration, governance, actuarial and investment services and facilitate the next phase of the group’s growth in an increasingly competitive pensions and financial technology industry.
3173 co-founder Brian Spence said “Growth and increased regulation in the professional trustee marketplace has resulted in a consolidation of trusteeship and governance services into a small number of large trustee firms, which means that in order for Dalriada to build on its market-leading position and grow at the rate we’d like, we needed to attract a partner to help us grow in future. Up until this point our group has grown organically.
3173’s innovative Mantle software platform is unquestionably an incredibly powerful fintech product, it is the most well-developed combined pension scheme administration and actuarial platform anywhere in the world. The new capital will help it to achieve required scale.
Spence has developed an incredible service to pension schemes, providing state of art pensions consultancy, administration, investment and governance services, alongside a digital member engagement service. The new capital will help us enhance our position in this market while broadening our wide range of services.
To support the next phase of growth of business – we undertook a thorough evaluation of a wide range of funding options and we are pleased to partner with blue-chip growth investor Synova for the next stage in the growth of our group of businesses.”
David Menton, Managing Partner of Synova commented “We are delighted to be partnering with Brian and the rest of the team at 3173 to support the growth of the company. Investing in fast-growing, founder-owned businesses with a unique technology proposition is central to Synova’s investment philosophy. We look forward to the next exciting phase of their growth.”
The deal is subject to FCA clearance, we expect to receive this in the coming months.