PwC spins out fintech unit

Big Four accountancy firm, PricewaterhouseCooper (PwC), has spun off its financial data capture technology unit amid a regulatory crackdown on perceived conflicts of interest.

Rebranded as LikeZero, the business helps banks, financial institutions and other regulated businesses analyse and extract insight and data from within their client contracts.

Established in 2016, LikeZero, grew rapidly within PwC under the leadership of Michael Lines, now the company’s chief executive, under the name of eBAM.

The firm counts some of the world’s largest financial institutions among its blue-chip client base and has also established strategic partnerships with market leading data processing players such as AcadiaSoft and IHS Markit.

The spin out comes in response to regulatory restrictions imposed by the Financial Reporting Council, which bans audit firms from selling their own technology to client companies.

The offloading of the business was conducted in a management buy-out backed by Souter Investments, the private equity focussed family investment office and Manfield Partners Limited.