ETG buys Lightning Reach as £24B in UK support goes unclaimed each year
What's the deal? European Technology GroupDealroom has a profile for this one. Try Dealroom → (ETG), a GovTech investor, has acquired Lightning ReachDealroom has a profile for this one. Try Dealroom →, a UK fintech platform that helps people access financial support through a single digital journey. Terms were not disclosed. It is ETG's third investment.
What each does: Lightning Reach connects people to fragmented financial aid through one platform, partnering with over 100 organisations including utility providers, local authorities, charities, housing associations, and banks. ETG backs technology businesses that improve public service delivery and social outcomes.
By the numbers: Since launching in December 2021, Lightning Reach has reached more than 300,000 people and facilitated over £25m in financial assistance. It quadrupled its annual recurring revenue over the past year while staying cash positive.
Why now? More than 20 million people live in financially vulnerable circumstances, yet over £24 billion in support goes unclaimed each year. Aid is spread across organisations, applications are often manual, and awareness of schemes is low.
What's the endgame? ETG's backing and public sector expertise are meant to help Lightning Reach reach over 1 million people by 2028, broaden market access, and invest in product. The platform will keep operating independently, with no changes expected for partners or clients.
As part of the transition, chief operating officer Rhiannon SheridanDealroom has a profile for this one. Try Dealroom → has become chief executive officer. Founder and former chief executive officer Ren Yi HooiDealroom has a profile for this one. Try Dealroom → stays on as a director on the board.
"I've always wanted to make sure our impact as a company can outlast my role as the founder, and it's clear we've reached this point," Hooi said, calling ETG "the dream long-term home."
The signal: The deal reflects growing investor appetite for GovTech that ties commercial growth to social outcomes. As public budgets tighten and demand rises, platforms that streamline access to existing support — rather than create new spending — become strategic infrastructure.
Read more: Financial IT
