Red Flag Alert, the credit risk data and risk intelligence experts based in Manchester have announced £4.5million funding from Foresight and Uncapped.
The company, based in Manchester, where it employs nearly 50 staff, has developed a proprietary SaaS business intelligence platform with modular capabilities spanning compliance, prospecting, risk management and financial health assessments sold to a growing corporate customer base.
Red Flag Alert’s success has been founded on the excellent service levels it provides to customers, with continual investment in its product to deliver new functionality for users. They recently launched a third-generation platform, alongside a highly intuitive and updated accuracy scorecard, which has enabled an acceleration in growth with a much-improved user interface and functionality.
Rich West, Managing Director at Red Flag Alert 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 9 to 50 in just 2 years and this investment will help us to grow even larger to meet the expectations of our customers.”
Mark Halstead, founder and Director of Data at Red Flag Alert said, “My background is in data and insolvency, and I’ve seen a lot 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 move forward with our plans for the future.”
Fiona Hatch, Senior Investment Manager at Foresight, 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.”
Foresight and White Cap’s investment will support Red Flag Alert’s management team with its growth ambitions – providing the capital to continue to invest in product development, create high-quality, sustainable jobs and expand its commercial capabilities and reach.
Red Flag Alert, the credit data experts based in Manchester, monitor financial information on every business in the UK. To ensure customers have access to the most current real-time financial data in the UK, their database is updated with 100,000 daily changes. Through Red Flag Alert, every business is given a health score based on this data and evaluated by RFA’s proprietary algorithm. All customers are instantly notified of any updates and changes, with the software plugging directly into their CRM.