Glasswall: Fuelling the global growth of a UK tech pioneer

With cyber-attacks on the rise, Glasswall is pioneering a form of cybersecurity that is trusted by major international security organisations across intelligence and defence. The journey from UK tech startup to global cybersecurity provider has been swift and demanding, requiring significant financing. HSBC UK has supported Glasswall on that journey – not only through Growth Lending, but with an array of services that enabled the firm to expand into new markets with confidence.

A new defence against cyber criminals

For institutions and businesses across the world, battling cybercrime has sadly become the norm. In the last 12 months alone, 67% of medium and 74% of large UK businesses reported a cybersecurity breach or attack.¹ The average annual cost of cybercrime worldwide is expected to reach $23 trillion by 2027.²

It's no surprise, then, that protecting their networks and data is now a key priority. Our HSBC Financing for Growth report found that 58% of businesses expect to prioritise cybersecurity and risk investments in the year ahead.

When cyberattacks hit mission-critical government organisations, that risk can become one of national security. But whether it’s the security services or your mobile phone, for decades antivirus technology has been the frontline of defence. Identifying what is bad, though, relies on a library that is constantly playing catch up as criminal and nation-state attacks become ever faster and more sophisticated.

Glasswall saw this challenge and took a different approach. Its solution is called Content Disarm and Reconstruction (CDR), and rather than focusing on the bad, it focuses on the good.

Staying at the cutting edge

The effectiveness of Glasswall’s CDR technology has seen it grow in popularity with the world’s most sophisticated security establishments. But making sure it remains at the forefront of cybersecurity requires substantial investment in technology and talent.

“The funding piece is really important to a business like ours,” says Danny. We’re not a business that stays still. You need to be able to hire the best engineers and invest in your R&D capability to make sure that as threats evolve, you’re able to show your clients you’re ready to deal with them.”

The challenge for Glasswall was that the kind of government contracts it was winning take a long time to be completed and the business needs to continue to invest and grow in the interim. Glasswall needed a financing partner who could truly understand the nature of its business.

“All of a sudden you start realising that you need to have somebody at the other side of the table who really gets your business and that if they do, they'll be able to help you. Steve, our CFO, and I were lucky enough to be able to have those conversations with Sanjeevan.”

Finding a fitting finance solution

Sanjeevan Lingeswaran, Relationship Director at HSBC UK, identified that Glasswall would be an ideal candidate for HSBC UK's Growth Lending proposition. Growth Lending is a debt proposition for high-growth,well-equitized businesses, with a proven track record, that are on the pathway to profitability.

Sanjeevan spoke with his colleague Anna O’Brien, Director UK Tech Sector & Growth Lending at HSBC UK, about the ways in which the solution might help Glasswall on its growth journey.

“The idea for providing a Growth Lending facility emerged pretty much from the second meeting. We took our technology specialist Anna with us and we had a very detailed conversation about Glasswall's short, medium, and long-term goals,” says Sanjeevan.

While Growth Lending provides committed debt facilities, it’s also designed to bring a range of HSBC UK services to companies to help them scale. As Anna points out: “We aren't there just to put the debt solution in place and say goodbye. We’re there to have regular catchups with the business, to hear where they're taking the business next and support them along the way.”

A trusted partner for growth

Growth Lending has enabled Glasswall to grow and expand internationally – and the company’s relationship with HSBC UK has grown in tandem. As the business has looked to move into the commercial market and work with government agencies in new countries, HSBC UK has been there to support the firm by lending more than money - with FX products, international bank accounts, and credit cards.

Danny’s tips for international growth

1. Innovate by addressing market needs
   Rethink traditional approaches to your sector, and create solutions that fill specific industry gaps to stand out.
2. Invest in talent and technology
   Staying at the cutting edge requires not just continuous investment in research and development, but also upskilling your current workforce and hiring top talent.
3. Find the right partner to support your growth needs
   Work with a bank that can meet not just your immediate lending needs, but can support you through the challenges and opportunities you’ll face as your business grows, whether that’s maximising your working capital, connecting you to new opportunities, or expanding interntionally.