Beeks Financial Cloud, a cutting edge Fintech firm’s first-half profits shoot up to nearly 50 percent, which will lead to the creation of jobs in Scotland. fintech news
Beeks was established in 2011 and has come a long way from having only one site in New Jersey to now having its footprints in 11 data centers internationally and now optimizing opportunities in Scotland.
Beeks provides low-latency service to the institutional capital market. It is a cloud-computing and provider of connectivity for algorithmic (automated) Forex and financial products of Futures trading in a niche segment. This platform especially had been designed by keeping in mind the algorithmic environment for trading which is sensitive to latency and can provide resources of computing that are low in latency whenever demanded.
Beeks revenues noted an increase in the revenues of about 32% since the previous year, out of which 23% increase was seen annually in the first half from £3.5m to £4.3m. The company also celebrated the signing of two major clients in the Tier 1 sector, representing a strong change with a robust pipeline for institutional contracts ahead.
A cloud-based payments provider got on board with the company and agreed to a deal worth £1.1m over 3 years and another one worth $1m (£0.8m) annually which was agreed to by a global financial markets provider of technology. After receiving an award of £2m of research and development grant by Scottish Enterprise the company made plans to create around 17 new posts in Hillington to widen the range of products offered particularly in the Tier 1 market of financial services.
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