VoxSmart

Year founded 2011
HQ Location London
Sector Financial Services
Staff count 35+
Turnover £2m+
VoxSmart revamped its ailing brand with a healthy injection of technology, smart market positioning and human capital, increasing the team tenfold to 35+ staff and generating a healthy £2m in turnover.
voxsmart.com
Our service VSmart allows our customers to capture any form of communication anywhere in the world on any mobile device.

Oliver Blower

CEO

Achieving financial services mobile call compliance

VoxSmart had a record month in December 2017. It won 11 new mandates, securing its biggest ever recurring-revenue contract at £410,000 a year for three years.

The company records mobile calls to help make sure financial services firms’ employees are compliant with data regulation. This is particularly important in helping finance firms achieve compliance with the European Union’s Markets in Financial Instruments Directive II, widely known as MIFID II.

“The perception in finance is that a mobile phone conversation is insecure and non-compliant,” says CEO Oliver Blower. “So VoxSmart helps you plug that gap.”


Recharging VoxSmart’s batteries

When he joined VoxSmart as CEO in 2014 Blower was well aware of the need to record calls in the finance industry. He’d previously worked in fixed income currencies and commodities trading at Barclays Capital and Bank of America Merrill Lynch. He was all too familiar with the compliance culture.

However, he joined VoxSmart at a time when the business had developed a reputation for poor performance. Being the “only game in town”, the company had won a lot of contracts, but was failing to service them. Crucially, their technology was not up to scratch, Blower says.

Major changes were needed, he explains. “The company could be compared to Mary Shelley’s Frankenstein,” he says. “we had to bring it back to life.”


Revamping technology and brand

Blower began by improving the core of the business. “The first thing I did was rebuild the technology from the ground up,” he says.

He arrived at four “must haves” when redesigning the tech. Given the company’s target customers, the technology had to be global, be multi-channel so that it could record more than just voice, and be network- and platform-agnostic so that it could cater for all client ecosystems.

This resulted in the VSmart platform, a sophisticated piece of tech, which enabled VoxSmart to springboard into all of the emerging call markets, he says.

VoxSmart also had to change its identity. The company tagline changed from a “mobile voice recording provider” to a “mobile voice recording pioneer”, says Blower. “Changing that one subtle word, we changed the market perception of the entire company,” he adds. “We were no longer ashamed of the past but proud to have been the first.”

We understand what it’s like to be an end-user and what the organisational challenges are so we can deploy technology to a market where we truly understand the problem.

Oliver Blower, VoxSmart

Improving human capital

Raising credibility was a critical focus in the company’s revival. VoxSmart set out to invest in staff with experience of the financial services sector. Blower explains that they spent significant amounts of capital to hire “A players”.

“This was one of the reasons for our success in selling services to the financial markets,” says Blower. “We understand what it’s like to be an end-user and what the organisational challenges are so we can deploy technology to a market where we truly understand the problem.”


Investment matchmaking

VoxSmart is now a global force, servicing customers in 15 countries worldwide. “But we could only get this far thanks to finding the right funding partner” says Blower.

Deepbridge Capital has already invested £5m in VoxSmart with Enterprise Investment Scheme-qualified funding, and is planning to inject a further £5m in 2018 and 2019.

Blower says that the capital is being used to support the company’s focused growth ambitions, with a firm eye on increasing sales to the forecast £10m mark by 2020.


Key Metrics

1.5m+

Calls recorded

(2017)

75%

Export rate

110%+

Average turnover increase

(last 3 years)

Sources of capital
Government Support
  • Enterprise Investment Scheme

Related Stories

Diamond Logistics
Founder Kate Lester had a “Kodak moment” five years ago to scale up her business after collapses in the same-day courier market made her realise her business would “become extinct”. Read more...
Culture Trip
Venturing into online content where many entrepreneurs fear to tread, Culture Trip's founder and CEO Kris Naudts has adopted the Silicon Valley user-growth model of scaling, winning considerable investor backing. Read more...
Ten Lifestyle Group
Trust and integrity have underpinned AIM-listed Ten Lifestyle Group's unrelenting ambition to become the ‘most trusted service company in the world’. Read more...
Kromek
Having raised more than $100m of investment capital over the last 15 years, Kromek’s long-term scale-up journey relies on ample patient capital to fund its life-saving and safety-enhancing radiation detection technologies. Read more...
Greenwood Campbell
In the fast-moving world of digital technologies and shifting customer appetite, full-service digital agency Greenwood Campbell maintains a highly fluid approach to its intellectual capital while remaining committed to the human factor. Read more...
ToucanBox
ToucanBox is among the UK’s fastest-growing education technology businesses thanks to early backing from the co-founders of Innocent Drinks and equity investment from BGF. Read more...