Quantexa, the London data and AI company last valued at $2.6bn, has signed a multi-million-pound, three-year contract with the Insolvency Service. It follows a £175m, 10-year agreement with HM Revenue and Customs in May.
Quantexa was founded in London in 2016 by a team led by chief executive Vishal Marria. It builds "decision intelligence" software that links scattered data sets to expose hidden relationships between people, companies and transactions. Its customers include banks, insurers and government bodies in more than 70 countries.
The contract
Under the new agreement, Insolvency Service investigators will use Quantexa's platform to look into financial wrongdoing. The work covers director misconduct, "phoenixing" (where directors run up debts, walk away and set up a near-identical company) and the recovery of pandemic bounce-back loan fraud.
The contract's value was not disclosed beyond being in the multi-million-pound range. The agency, which is 142 years old, says investigators will keep control of every enforcement decision.
Marria said more than £1bn a year is laundered by organised crime through high-street fronts such as illegal mini-marts, vape shops and barbers. He said the platform was built so the agency keeps control of its data and can trace each insight back to the evidence behind it.
Insolvency Service chief executive Duncan Beach said the agreement would let investigators find links between cases much faster than they could alone, as part of a strategy to make better use of intelligence, data and technology.
The numbers behind the unicorn
Quantexa became a unicorn in April 2023 with a $129m Series E at a valuation of about $1.8bn. In March 2025 it raised a $175m Series F led by Teachers' Venture Growth, the venture arm of the Ontario Teachers' Pension Plan, which lifted its valuation to $2.6bn.
Earlier investors include Warburg Pincus and HSBC. The company reported annual recurring revenue above $100m in October 2024. In August 2025 it was reported to be weighing a stock market listing as early as 2026.
Why the public sector matters
Two large UK government contracts in five months make the public sector a growing source of revenue for Quantexa. The HMRC deal alone is worth £175m over a decade, or £17.5m a year on average. Multi-year government income of this kind is valued by later-stage and public-market investors because it is predictable and slow to churn.
That matters for the cap table. Quantexa's most recent primary round is now more than 18 months old. Long-dated public-sector revenue strengthens its case at the next valuation event, whether that is a pre-IPO round, a secondary sale or a float.
What's next
Quantexa has not set a listing timetable. Its latest contracts give it two flagship UK government references to take to other agencies and overseas tax and enforcement bodies.
Original source: BusinessCloud — https://businesscloud.co.uk/news/quantexa-lands-multi-million-pound-deal-to-combat-financial-crime/
