Asset fund manager Toscafund invested $25m in VoxSmart, a UK-headquartered surveillance software provider backed by financial services firm HSBC, yesterday.
VoxSmart provides communications surveillance software for use in the capital markets space, allowing customers to store employee communications so trades can be reconstructed.
HSBC provided $7.2m in funding for the company in March 2020, after investment management firm DeepBridge Capital had led a $7m round in 2017. Toscafund said the latest deal made it VoxSmart’s lead investor.
Oliver Blower, VoxSmart’s CEO, said: “This additional capital will enable us to respond to the surge in demand we have seen for our services since the onset of covid-19 and the dramatic increase in working from home within the banking and financial sector.
“Our services enable banks and financial firms to meet the most rigorous compliance standards even when working remotely and we believe should form a core part of any institution’s regulatory framework in the future.”