Parliamentary Under-Secretary of State Anna McMorrin MP visited Bridgend-based fintech company Mazuma to see how UK Government-backed investment is driving innovation and growth in the region.
Mazuma, founded by Lucy Cohen with just £100 and a laptop, has become a leading disruptor in the accountancy sector, providing digital accounting solutions for small businesses across the UK.
The company received support through Cardiff Capital Region’s (CCR) Innovation Investment Capital (IIC), a £50 million fund designed to help innovative South East Wales businesses grow with long-term capital.
CCR brings together ten local authorities across South East Wales, working in partnership with the Welsh and UK Governments, to drive inclusive economic growth by investing in infrastructure, skills, innovation and sustainable development.
Kellie Beirne, CCR’s Chief Executive, said:
“Since the investment, Mazuma has achieved significant milestones, including rapid growth in headcount, accelerated technology development and industry recognition. The company now serves thousands of small businesses and continues to challenge traditional accountancy models.
“This is a powerful example of how strategic regional investment, combined with bold leadership and innovation, can deliver lasting economic and professional impact.”
Lucy Cohen, founder of Mazuma, said:
“It’s been a real rollercoaster. Since the investment, we’ve more than doubled in size, with the majority of the new jobs created being in and around Bridgend. Our technology has advanced faster than we ever anticipated, putting us in a category of our own within the industry.
“On a personal note, I’ve also become President of AAT, one of the UK’s leading accounting bodies, as its youngest ever President. And for Mazuma, it’s been an incredible year, with multiple award wins and continued growth.”
Wales Office Minister Anna McMorrin MP said:
“It’s fantastic to see how UK Government-backed investment is helping to drive economic growth and create new jobs that put more money in people’s pockets.
“We want businesses like Mazuma to thrive and contribute to Wales’s growing reputation for high tech innovation and entrepreneurship.”
Reflecting on the wider economic value to the area, local leaders also praised the company’s achievements underline Bridgend’s growing reputation for innovation.
Cllr John Spanswick, Leader of Bridgend County Borough Council, said:
“Mazuma is a shining success story in Bridgend and demonstrates what innovation and hard work can achieve along with support and funding from CCR. Mazuma works across the UK helping small to medium businesses to thrive, and as a local business, we are very pleased to have been able to support them.”
