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Private equity firm European Technology Group (ETG) has acquired UK fintech platform Lightning Reach, a service designed to connect consumers facing financial hardship with personalized support. The terms of the deal remain undisclosed.
Lightning Reach, based in London, will continue operating as an independent company under its new ownership. The acquisition announcement stated there would be “no changes to the platform or services anticipated for partners or clients.”
Growth and leadership transition
The platform has distributed over £25 million in financial support to more than 300,000 consumers since its launch in December 2021. It maintains a network of over 100 partners across the UK.
Rhiannon Sheridan, previously Lightning Reach’s operations chief, will take over as CEO. Founder Ren Yi Hooi will remain involved as a board director. Hooi, a former product director at Railsr, said Sheridan had been “an exceptional leader” since joining the early team nearly five years ago.
“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.
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The company’s financials appear stable. Lightning Reach quadrupled its annual recurring revenue over the past year and remains cash positive, according to the announcement. Its backers include Big Issue Invest, Techstars, and the Joseph Rowntree Foundation, which led a £1 million seed round in October 2023.
Expansion plans with new backing
ETG’s acquisition provides Lightning Reach with long-term funding, public sector technology expertise, and additional resources. The company aims to reach one million platform users by 2028, expanding its market access and investing in product innovation.
The backing could help Lightning Reach handle public sector procurement more effectively. Many fintech platforms struggle to scale in this space due to complex bidding processes and regulatory hurdles. ETG’s experience in public sector acquisitions—including its recent purchases of Swiss software provider Hürlimann Informatik and workforce management platform Public Sector Software—may smooth that path.
ETG, founded in 2024 by former executives from Blackstone and KKR, has made two other public sector acquisitions in the past year. Another deal is expected to be announced in the third quarter of 2026, according to the firm’s website.
For Lightning Reach, the acquisition marks a shift from startup growth to a more structured expansion phase. The company’s focus on financial inclusion remains unchanged, but its ability to scale will depend on how well it integrates ETG’s resources without losing its agility.
