Australian start up decides to locate headquarters in Glasgow

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AN INTERNATIONAL start-up firm that utilises artificial intelligence technology to support its customers in their journey to financial freedom has announced plans to locate its headquarters in Glasgow.

Approximately 45 new software developer and technical support jobs will be created after BlackArrow Financial Solutions confirmed that Scotland would become the centre of its global operations.

The company, which also has a presence in Sydney and Dublin, made its headquarter decision following support from Scottish Enterprise, including a £573,000 grant award from Scotland’s national economic development agency.

SECC, Glasgow - Business News Scotland
Photo by BlackArrow. The company will further develop its innovative financial planning app at its existing office in Glasgow, which opened in 2019.

Consultancy services will also be offered to banks and building societies that need to assess compliance with changing regulations.

Scottish Government Business \Minister Ivan McKee said: “Scotland will become the centre of BlackArrow Financial Solutions’ global operations and this represents a massive vote of confidence in our recovery from the pandemic.

Artificial intelligence technology promises significant opportunities for Scottish businesses and their customers and BlackArrow is creating exactly the kind of high-value and innovative jobs we need here.

“Scottish Enterprise has a lengthy relationship with the company and this agreement is another tangible step towards post-COVID-19 prosperity.”

BlackArrow - Business News Scotland
Photo by BlackArrow. Founded by Gopal Hariharan (above) in Sydney in 2014, BlackArrow places ‘financial freedom’ at the ethos of its work.

Using its innovative technology, the company provides valuable insights to guide its customers to improve their affordability scenarios.

The BlackArrow app learns about a user’s financial behaviour through linked bank accounts and sends notifications to help them with financial goals, such as saving for a mortgage.

BlackArrow intend to keep innovating new ways to adding value to every step of their customers’ financial lifecycle.

Mr Hariharan said: “We know the complexities of planning a financial journey, which is why our platform will give customers the best framework to be the master of their own financial journey.

“Later this year we will showcase how we empower customers to take that first step of the home ownership journey; one of the most significant of all financial goals.

“We are working closely with leading partners to bring customers closer to their dream of owning their home.”

The decision by BlackArrow to relocate its headquarters to Scotland is the culmination of a longstanding relationship between Scottish Enterprise and the company.

SDI first engaged with Mr Hariharan in 2017 as part of a trade mission to Sydney and highlighted what support could be offered to his company and how Scotland was the ideal global home for BlackArrow.

BlackArrow’s announcement follows the publication of EY Scotland’s Attractiveness Survey 2021 yesterday, which confirmed that Scotland was yet again the most attractive location for inward investment in the UK, outside of London.