Growth capital investor BGF has completed a £4.5 million investment in Stellar Omada, a fast-growing Edinburgh-headquartered technology services company that serves the financial services sector.

Founded in 2018 by CEO Colin Frame, Stellar Omada specialising in digital transformation, testing services and programme delivery.

The business has experienced rapid growth, delivering £16.3 million revenue in 2022, up from £9.1 million in 2022, and boasts sector-leading clients in the banking, pensions and investment management sectors, including some of the UK’s largest banks and pension providers.

The company will continue to be led by Frame as CEO and Royston Hoggarth as non-executive chair.

Hoggarth specialises in working with rapidly growing technology businesses, having started his career with IBM and worked at several fintech businesses including Logica, Hays UK and BT Global Services.

The investment will also see experienced financial services executive Mark Smith and BGF investor Richard Pugh joining the company’s board.

Smith has over 25 years’ experience at board and executive committee level within the banking industry.

Frame said: “We are delighted to be partnering with BGF for our next phase of growth. We have ambitious plans for the future, focusing on continuing to drive growth with both existing and new customers.

“This investment will play a vital part in helping us achieving those goals.

“In BGF I believe we also have a partner that shares our vision for the social impact that scale up companies like Stellar Omada can have on young people and local communities across the UK.

“We have had a real focus on how we can help fill the digital skills gap and we are also looking to build on the success of the Stellar Academy.”

Euan Baxter, investor at BGF, said: “Stellar Omada is on an exciting growth journey, underpinned by its status as a trusted transformation partner for leading financial services organisations.

“We look forward to working with the company’s experienced leadership team to support their ambitious growth plans and we are confident there is huge potential for the business to expand its already impressive footprint in Scotland and the UK.”