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Duco has raised $28.0M across 1 funding round.
Key people at Duco.
Duco has raised $28.0M in total across 1 funding round.
Based in London, United Kingdom, Duco provides a cloud-native, no-code software platform that automates mission-critical data processes for the global financial services industry. The system utilizes artificial intelligence to handle complex data extraction, transformation, exception management, and validation, allowing business users to operate without requiring direct IT involvement. Operating with a workforce of 210 employees, the enterprise generated EUR 40 million in revenue during 2024 and processes billions of data lines on a near-daily basis. The platform serves over 150 institutional customers, including 15 tier-one banks, and is backed by lead investor Nordic Capital. Under the leadership of CEO Michael Chin, the organization expanded its artificial intelligence capabilities for processing unstructured data by acquiring Metamaze in early 2024. The company was originally founded by a specialized team of computer science and capital markets experts.
Key people at Duco.
Duco is a leading no-code SaaS platform for data automation, enabling financial institutions to consolidate, standardize, and reconcile any type of data in the cloud without coding.[1][6] It serves global banks, asset managers, payments innovators, exchanges, custodians, and insurers, solving mission-critical data management challenges like intraday quality checks, scalability during AUM growth, and post-M&A integration.[1][2] With 2024 revenues of €40 million, 210 employees, and headquarters in London, Duco demonstrates strong growth, including the 2024 acquisition of Metamaze to expand its offerings and partnerships like CIBC Mellon for enterprise automation.[1]
The platform's no-code approach empowers end-users to build reconciliations themselves, automating processes for unstructured data and providing transparency over fund performance while reducing risk—handling doubled AUM (e.g., from $150M to $300M) with the same team size.[2]
Duco emerged as a fintech innovator focused on simplifying complex data operations in capital markets, with roots in addressing reconciliation pain points for financial firms.[3] Key leaders include CEO Michael Spencer, who scaled fintechs like Broadway Technology (acquired by Bloomberg in 2023) and held roles at Refinitiv; CPO James, with experience at UBS, Lehman Brothers, and Nomura in back-office automation; and board chairman Uwe, who led Blue Yonder's growth to $1.1B revenue before its $8.5B acquisition by Panasonic.[3]
Nordic Capital invested in 2021 via Fund X, supporting Duco's mission to "make managing data easy" amid finance's digitalization push.[1] Pivotal moments include the 2023 climate program for CO2 reduction, the February 2024 Metamaze acquisition broadening data automation, and launching end-to-end reconciliation for unstructured data—accelerating transformative growth.[1]
Duco rides the wave of financial digitalization and AI-driven data automation, where firms face exploding data volumes from AUM growth, M&A, and regulatory demands—outpacing traditional systems.[1][2] Timing is ideal amid SaaS adoption in fintech, with no-code tools democratizing data engineering for non-technical users in a market shifting to cloud-native solutions.[1][6]
Market forces like alternative assets' rapid expansion (doubling AUM faster than traditional managers) favor Duco's scalable controls, reducing backlog risks and enabling agile ops.[2] It influences the ecosystem by accelerating finance's data maturity, supporting sustainability (e.g., climate initiatives), and setting benchmarks for self-service automation in payments and asset management.[1]
Duco is poised for accelerated expansion in no-code data platforms, leveraging 2024 momentum (€40M revenue) to capture more of the $XXB fintech SaaS market through acquisitions and unstructured data innovations.[1] Trends like AI-enhanced reconciliation, regulatory compliance, and M&A surges in alternatives will propel growth, potentially drawing more PE interest post-Nordic Capital's 2021 entry.[1][3]
Its influence may evolve as a category leader, empowering smaller firms with enterprise tools and shaping "data-easy" standards in finance—turning today's scalability wins into tomorrow's industry dominance, much like its role in doubling AUM without added headcount.[2]
Duco has raised $28.0M in total across 1 funding round.
Duco has raised $28.0M across 1 funding round. Most recently, it raised $28.0M Series B in January 2018.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2018 | $28M Series B | — | — | Announced |
