Fintech to create more than 40 Newcastle jobs following £1.6m fundraise

A North East fintech has announced that it is creating more than 40 roles after raising £1.6m in its second fundraise of the year.

One Utility Bill, based in Newcastle, has raised £1.6m in its second funding round, bringing its total funding to approximately £5m.

The follow-on investment round was led by incumbent investors DSW Ventures, the venture capital business of the Dow Schofield Watts group, alongside the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures.

The latest investment will be used to improve scale and efficiency, enhance its technology and create over 40 new roles in the North East in the next year.

Chris Dawson, CEO of One Utility Bill, commented: “We’re delighted to raise this follow-on round from our investors, our second investment in a challenging but very rewarding 12 month period.

“This is a huge vote of confidence in our business and reflects the incredible progress that the One Utility Bill team has achieved over the last 12 months.

“We’ll be using the funds to further accelerate our customer growth and invest in our technology.”

Keith Benson, founding partner of DSW Ventures, said: “When we first invested during the first lockdown in 2020, we were very confident in the resilience of the One Utility Bill business and the team’s capability to navigate the crisis.

“They have substantially exceeded our expectations – growing the business significantly, increasing automation and creating a compelling proposition for its customers.”