RiskSmart is currently developing an integrated risk management platform that will make risk management simpler for SMEs by utilising Machine Learning (“ML”) and Artificial Intelligence (“AI”) technologies to leverage valuable data. Its platform and solutions simplify, centralise and digitalise risk management to increase confidence and business resilience.

Manchester based RiskSmart was founded by Ryan Swann and Michael Aldred, both of whom have an extensive background in risk, having held senior positions in FinTech firms. The business was set up in order to fill a gap in the market, with risk management increasingly becoming a key priority for SMEs with the majority of existing risk management solutions focused on larger enterprise clients. RiskSmart’s platform offers SMEs an easy-to-understand, cost-effective, and simple to deploy platform to manage risk, save time and add value.

Funding from NPIF - Maven Equity Finance will support the business as it aims to bring its innovative solution to market, with its minimal viable product set for a ‘soft-launch’ this summer.

There are more than 6 million SMEs in the UK, accounting for over 99% of all businesses across the country. The recent COVID-19 pandemic has made many businesses reconsider their current compliance and risk management processes and mitigation strategies, with 71% of SME’s predicting an increase in spend in this area over the next five years.

Maven’s investment in the early-stage start-up comes as part of a wider £1.05 million investment in the business.

Dean Cox, Investment Director at Maven, said: “This is an exciting investment for Maven and NPIF. More established providers of risk management solutions focus on larger companies and are priced accordingly so there is a clear gap in the market for an ambitious business like RiskSmart to target the underserved SME segment. The team have significant experience in this sector, and we look forward to helping them move a step closer to creating an enterprise product which can be scaled.”

Ryan Swann, Founder at RiskSmart, added: “Maven and NPIF’s investment marks a significant moment for RiskSmart as we look to launch our solutions to the wider market. We’re excited for the opportunity this provides and we’re looking forward to seeing the positive impact our business will have on SMEs during this uncertain time, where managing risk is more important than ever.”

Sean Hutchinson at the British Business Bank, added: “NPIF continues to provide crucial funding to Northern businesses across the region, creating impactful change for companies looking to move to the next level of their growth journeys. Through investment, RiskSmart is now ready to bring its service to market, offering an important risk-management tool for small businesses to use. NPIF continues to bring equity financing opportunities to small businesses and driving forward its goal in building a stronger North.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.