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British fintech unicorn OakNorth snaps up US community bank in overseas push

2025-11-26 07:44:21 By

OakNorth, the UK-based digital banking unicorn, has announced its acquisition of a US community bank as part of its international expansion strategy.

The company confirmed on Monday that it had agreed to a stock-for-stock transaction with Michigan's Community Unity Bank (CUB), subject to regulatory approval, as reported by City AM.

This follows the Federal Reserve and New York State Department of Financial Services granting OakNorth authorisation for a Representative Office in New York.

Launched in 2015 and chaired by former City watchdog chair Lord Turner, the bank serves the "missing middle" – growing businesses typically with a turnover between £1m and £100m.

In 2024, the lender's profits reached £215m after surpassing £12bn in total lending. Rishi Khosla, OakNorth's co-founder and CEO, said: "As a founder-led business built by entrepreneurs, CUB appealed to us as it shares a lot of our same values with regards to customer experience."

He added that these values are reflected in its customer feedback and strong company culture.

Khosla also noted that demand from US borrowers continues to grow and the firm's "differentiated offering and unique approach" have paved the way for a strong presence in the US market.

He revealed that lending had nearly tripled initial expectations due to US activity.

Community Unity Bank's chief executive Greg Wernette stated: "CUB was formed by bringing together entrepreneurs from around Oakland County with diverse backgrounds to meet a growing need for small business banking."

"As business owners and executives, we know that access to capital means everything, and CUB was started to meet that need, assembling a team experienced at lending during both up cycles and down cycles."

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Tech

Healthtech firm SiSU Health aims for European and Manchester growth with £1.25m investment from Praetura Ventures

2025-11-26 07:44:21

A healthcare firm that aims to help reduce inequalities by helping people detect and treat health conditions early has won a £1.25m investment to grow across the UK and Europe. SiSU Health has secured the support from Praetura Ventures to grow its team and expand the reach of its digital health services. The company, led by CEO Samantha Fay, has its operations and logistics business in Manchester. It also plans to use the funding to grow its presence in the city, expanding the manufacturing of its SiSU Health Stations, and is working with the Department for Business and Trade to find a larger home. SiSU Health aims to help people detect risk factors, such as high blood pressure and obesity, so they can make lifestyle changes. The company’s work also generates anonymised population health data that can be used to inform public health strategies. The company already has clients including Aldi, Jaguar Land Rover, The AA, Workday and a range of councils and NHS trusts, with 20,000 people using its services each month. It wants to grow to have a network of more than 600 health stations by the end of 2026. SiSU Health has secured the investment from the GMC Life Sciences Fund By Praetura, which brings together Bruntwood SciTech, Greater Manchester Combined Authority and Enterprise Cheshire and Warrington. Investment has also come from NPIF II – Praetura Equity Finance, managed by Praetura as part of the Northern Powerhouse Investment Fund II. This is the fourth deal on which the funds have co-invested in the past year. The company has created the SiSU Health Station, where people can do a self-service digital health check in five minutes that can offer personalised health insights and calculate the risk of chronic conditions such as heart disease and diabetes. Users can then access a companion platform to help them understand their results and find treatment. SiSU’s platform can be integrated with existing healthcare systems. The company says it particularly wants to offer its services in areas of deprivation, or those where access to healthcare services is more limited, so it can “tackle barriers to access for underserved communities”. SiSU Health says it has delivered more than a million health checks to date. It has found that over 70% of platform users have not had a recent blood pressure check, even though high blood pressure is a leading risk factor for cardiovascular disease that can be successfully treated. It has worked on the Department of Health and Social Care-funded CVD (cardiovascular disease) Workforce Health Check Program and itself plans to launch a new public health proposition this year. Samantha Fay, CEO at SiSU Health, said: “We’re building a future where everyone has the tools and confidence to take control of their health — wherever they are. This funding allows us to scale our digital platform, extend our reach into new communities, and strengthen our collaborations and integrations across employer, public health and primary care. Prevention has to be proactive, accessible and data-informed — and that’s exactly what SiSU Health delivers.” Sim Singh-Landa, head of the GMC Life Sciences Fund By Praetura, said: “SiSU Health is bringing health into the modern age by helping individuals to take a health test at a time that’s convenient to them without judgement and the costs that can be associated with health checks. They are critically providing connected collaboration between the corporate world and public health systems, encouraging self-care and health awareness for individuals with supported follow-up and interventions, which has significant benefits for the NHS and public health. “This latest co-investment between the GMC Life Sciences Fund By Praetura and NPIF II also shows the power of two well-established regional funders working together to help propel great companies in the region.” Dr Kath Mackay, chief scientific officer for Bruntwood SciTech, said: “The GMC Life Sciences Fund By Praetura was set up to grow the region’s life sciences footprint to new levels of widespread recognition and give support to innovative businesses like SiSU Health who are tackling challenges like public health and the need to reach underrepresented demographics. We’re looking forward to seeing what the future holds for the SiSU Health team, as they scale the business’s manufacturing and logistics output from right here in the North West.” Sue Barnard, senior investment manager at British Business Bank, said: “A key aim of the Northern Powerhouse Investment Fund II is to invest in businesses that are paving the way in innovation and creating valuable solutions for the people it serves. It’s clear that the UK needs new solutions for healthcare issues and now, with the help of NPIF II funding, another great Northern business has secured the financial support it needs to help make this possible.”

Tech

Hull tech firm launches wearable band to help hospitality workers manage tips

2025-11-26 07:44:21

Fintech start-up thankyü has launched a wearable tipping service that it says will help hospitality and service workers, musicians and gig workers to earn more tips and get paid faster. The concept involves a wristband - called a TipTap - worn by the server and an app installed on customers' phones. Customers then tap to tip and the money goes to the server's personal wallet. Hull-based thankyü has developed the idea using payments tech providers viva.com and Mastercard Move. It provides a downloadable financial record of tips which the firm says can help hospitality and service staff fill in self-assessment forms and use as a credit reference for loans. The tech was developed in response to legislation that came into force last year, which requires employs to share tips, gratuities and service charges fairly and transparently with employees. Staff can choose from two options: a pay-as-you-go system where they pay 5% of each tip transaction, or a version where they pay the equivalent cost of a tip per month and get cashback on their platform charges, a free TipTap band and a discounts card. Gerard Toplass, the entrepreneur behind thankyü, said: "This is a tough time for the hospitality and service industry. Rising National Insurance and reduced business rates relief will make it harder for businesses and an increasingly cashless society means there’s less money for physical tips that go straight to staff, which can account for 40% of their income. But surveys show over 80% of customers want to tip using their cards or integrated wallets but want to make sure the person serving them actually gets the tip. "That’s why we created thankyü. We want to ensure staff have the ability to keep up to 100% of their tips so they can earn more money and get paid faster. We want to treat hospitality and service staff as the key workers they are. Thankyü will allow staff to share their tips with co-workers, bandmates, family or friends and choose how they spend or save. We’ve even introduced a free weekly prize draw that will help to top up their tips. "For employers, thankyü is safe and secure and compliant with HMRC and the Tipping Act. It reduces the administrative burden of managing cash tips, will help staff recruitment and retention and saves them paying National Insurance as the tips go straight to the server. Thankyü will ensure staff finally get the credit they deserve for their excellent service.” Anna Lamb, founder and owner of the Nibble Café in Hull, where the platform has been trialled, said: “Currently we take tips through the handheld PDQ machine and people can add a percentage or a custom amount. We then add that up every day and like collectively add it up at the end of the week, which is then declared through payroll and it goes into the wages.

Tech

Nvidia loses $273bn in market value as Trump tariffs bite

2025-11-26 07:44:21

Nvidia's shares took a significant hit on Thursday, with an almost eight per cent drop wiping $273bn off its market value. This was triggered by the introduction of steep new tariffs and concerns over potential new export restrictions unsettling the markets, as reported by City AM. The leading chip manufacturer saw its stock close down 7.8 per cent following US President Donald Trump's announcement of comprehensive import duties. Since peaking in January, Nvidia's stock has now plummeted 32 per cent, reducing its market cap to $2.48 trillion from $3.66 trillion. The tariff package includes a standard 10 per cent duty on all imports, along with targeted tariffs of 34 per cent on Chinese goods, 46 per cent on Vietnamese products, and 26 per cent on imports from India. Although semiconductors are currently exempt, investors remain cautious due to the possibility of retaliatory measures and wider supply chain implications. Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth, commented: "This was the worst-case scenario for tariffs, and it wasn't priced into the markets". She added: "If the S&P 500 can't hold the 5,500 level, we may be looking at another 5-10 per cent downside." Over half of Nvidia's revenue is generated overseas, and the tech giant's supply chain is heavily linked with Asia-Pacific manufacturing. Specifically, its most advanced chips are manufactured by the Taiwan Semiconductor Manufacturing Company (TSMC). Adding to the pressure, the US is considering imposing new restrictions on Nvidia exports to China – particularly its H20 chip. This model is a lower performance variant, specifically created to align with former export controls. While discussions are still in their initial phase, a potential prohibition of the H20 could severely impact Nvidia's revenue from China, which currently represents about 20% of their overall sales. Bernstein's senior analyst Stacey Rasgon commented on the possibility, arguing that such a decision would be illogical and counterproductive, as it would essentially surrender the burgeoning AI chip market in China to competitors like Huawei. News regarding tariffs sent shockwaves through financial markets. Consequently, the Nasdaq plummeted by 6%, the S&P 500 declined by 4.8%, and the Dow Jones Industrial Average saw a decrease of roughly 4%. It marked the grimmest day on the markets since the initial stages of the Covid-19 outbreak. Market sentiment was further dampened by analysts forecasting an incoming earnings downturn with companies grappling with rising costs and diminishing profits. "Margin expectations for 2025 still look far too optimistic," expressed Charles Swab's chief investment strategist Liz Ann Sonders.

Tech

Losses narrow at tech firm Cirata in move from 'rescue to recovery'

2025-11-26 07:44:21

Revenues have risen and losses have narrowed at Yorkshire tech firm Cirata following a transformational year which saw it move “from rescue to recovery”, its CEO has declared. Stephen Kelly, who was brought in to rescue the Sheffield business in 202,3 said the jouney with Cirata has “often been gruelling, with many unplanned and negative surprises” and has “not been for the faint hearted”, but he said that the 2024 financial year finally saw the legacy issues subside, allowing management to concentrate on growth strategies. In figures released to shareholders, the company – which also has offices in Newcastle, Belfast, California, China and Japan – said it delivered total bookings of $7.1m, broadly flat on the prior year’s $7.2m, but the firm said the bookings had improving quality and a shift to Data Integration (DI), which management expects to lead to growth in future bookings. Highlights included 13 new contract signings in the final quarter, with six focused on DI. Revenues for 2024 rose from $6.7m to $7.7m, while the previous year’s Ebitda loss of $24.2m was narrowed to $13.5m. Operating losses narrowed from $32.4m to $15m. The year also saw improved engagement with both customers and partners, with major wins in the period included a $2m Live Data Migrator (LDM) contract with a top three US bank for a one-year term, the biggest deal of its kind to date. Looking ahead, the firm said it expects improvements in the levels of sales activity and execution, both directly and through its partners, and expects the acquisition of new customers to be an “improving source of future growth” as it moves through the current financial year. The business added that its goal to achieve cash flow breakeven remains unchanged, supported by ongoing improvements. Mr Kelly said: “2024 was a transitional year for Cirata as we moved from ‘rescue’ to ‘recovery’, stabilizing the business to prepare for growth. We have reduced our cost base by roughly two-thirds since the peak in early FY23. Our efforts in restructuring the organisation, strengthening governance and enhancing cultural accountability have delivered tangible results, including the largest LDM Original Equipment Manufacturer implementation in our history with our partner IBM. “While challenges remain and stronger execution is required, the focus for FY25 is clearly on growth and a pivotal year for establishing Cirata as a consistent growth company. The foundations we have put in place and the progress we have made, affirm Cirata’s potential as a leader in enterprise data solutions. “As I chronicled last year, FY23 was a rescue year for a broken company. FY24 was a year of building foundations, regaining trust and confronting the legacy challenges that hampered Cirata’s potential. Rescuing and building a company back from FY23 from the ground up has been a demanding journey for the management team. We understand the sentiment of demoralised colleagues, customers, partners and investors who understandably felt extremely let down, given the $250m capital raised since the Company’s IPO. “As we move into FY25, I am pleased to report that last year’s extensive restructuring, cultural renewal and operational focus are beginning to bear fruit. While we are only part way through our journey, we are no longer defined by past struggles but are shaped by future opportunities. Our focus for FY25 will be on transitioning to a more predictable growth phase, scaling operations, striving for continued high growth in Data Integration, achieving cash flow break-even and avoiding seeking further working capital. “We believe Cirata’s technology occupies a unique position in the market, enabling enterprises to harness the power of data for transformative insights, analytics and Gen AI applications. As AI adoption accelerates and the need for seamless data integration grows, Cirata’s platform is more relevant than ever. “Cirata has not been for the faint-hearted. As a British tech battler on the global stage, especially aspiring to be strong in the US market, the Company has to punch above its weight. Building a growth company from the wreckage of a broken company has been challenging and has tested us all. “The path ahead will not be linear, but it is clear. We are energized, focused, and committed to making FY25 the year Cirata continues to turn a corner and stake its position as a leader in data innovation.”

Tech

North cybersecurity specialist Communicate snaps up Blaze Networks

2025-11-26 07:44:21

A North IT consultancy has snapped up a Cheshire business in an undisclosed deal to boost its suite of services. Communicate, which provides cybersecurity and IT network solutions, has acquired Blaze Networks, a security-focused managed service provider with expertise in advanced networking solutions. The deal marks the fifth acquisition for Communicate, which has its network operations centre in Wynyard, Teesside, and its 24/7 security operations centre in Leeds. It also the second transaction since the business secured private equity investment from Rockpool last June, putting it on track to grow its turnover from £6m to £17m in 2025. The company says the acquisition will boost Communicate’s ability to deliver a fully integrated suite of services to its customers. Macclesfield-based Blaze Networks will continue to operate under managing director Ben Brassington. Tony Snaith, CEO of Communicate Technology, said: “Bringing Blaze Networks into the Communicate group significantly strengthens our ability to offer cutting-edge, secure IT solutions. “Their expertise in SD-WAN and SASE complements our existing capabilities, allowing us to provide businesses with seamless, scalable, and highly secure network architectures. This acquisition is not only about expanding our service offering – it’s about creating real value for customers and fostering professional growth for our team as we continue to scale.” Mr Brassington, managing director of Blaze Networks, added: “Joining Communicate presents a fantastic opportunity for Blaze Networks to accelerate its growth while continuing to deliver the high-quality solutions our customers rely on. By integrating with Communicate, we can offer an even more comprehensive service, while also providing our team with exciting new career development opportunities. Having re-invested in the group, I am fully committed to this next phase of expansion.” Rockpool provided additional funding to support the acquisition, with investment director Tom Coey and investment manager Toby Hurdle leading the transaction.

Tech

Nvidia, Apple, and Tesla stocks soar as Trump halts new tariffs, offering respite to tech giants

2025-11-26 07:44:21

The so-called 'magnificent seven' tech stocks, including Nvidia, Apple, Tesla, and Microsoft, added more than $1.8tr in market value on Wednesday after an unexpected pause in new tariffs by Donald Trump, providing a rare moment of relief amidst an escalating trade war that had unsettled big tech. Shares of these tech giants surged between eight and 19 per cent – with Nvidia alone gaining over $440bn in value, as reported by City AM. This rally propelled the Nasdaq to a historic 12.2 per cent jump – its biggest one-day gain since January 2001 – while the S&P rose 9.5 per cent. In other developments, the Dow increased nearly eight per cent. The US tech sector had been impacted by recently imposed global tariffs from Donald Trump's aggressive trade policies earlier this week. Starting with an initial unilateral 10 per cent tariff on a wide array of goods, Trump's announcement triggered severe market reactions. Moreover, it erased billions of dollars off the market value of the Magnificent Seven tech giants in just a few days. Within two days, these firms collectively lost over $1.8 trillion in market value. The Nasdaq composite posted its worst weekly performance since the onset of the pandemic, and officially entered a bear market. Nvidia and Tesla led the sell-off, with shares of both dropping by over six per cent. These firms, with extensive supply chains in Asia, are particularly vulnerable to the tariff hikes. Apple, the tech giant boasting the title of the world's most valuable company, experienced a sharp decline in its market value as shares fell over six per cent as trading commenced on Monday. "Big tech's AI ambitions require enormous capex, cross border talent, and complex hardware dependencies," commented Michael Ashley Schulman from Running Point Capital. "Tariff and trade clarity are critical to removing layers of uncertainty from budgeting decisions." In what could be considered a breath of fresh air for the big tech industry, the recent reversal in tariffs indicated a significant change in stance from former President Trump, who declared a 90-day moratorium on most new tariffs alongside introducing a significantly reduced reciprocal rate of 10 percent levied on imports from numerous countries. Come Wednesday, Alphabet, Google's parent company, publicly confirmed its commitment to invest $75bn in expanding data centres – an act reflecting a strong belief in their competitive edge within the AI sector despite the unpredictability of international policies. Tesla's performance, albeit down over 28 percent for the year, saw a remarkable uplift, skyrocketing by up to 23 percent during intra-day trading. Other tech behemoths also fared well with Apple recording a rise of over 15 percent and Microsoft inching upwards by 10 percent. On the retail front, US shoppers appeared to scramble for Chinese-manufactured electronics, spurred by concerns over potential price surges. Apple's physical retail outlets registered an increase in customer flow, with one staff member relaying to Bloomberg: "almost every customer asked me if prices were going to go up soon." "For the tech stocks this was much needed relief and pulls stocks and the market from the edge of the cliff," remarked Dan Ives, an analyst at Wedbush Securities. "Although China remains the biggest X factor, especially for Apple and the broader supply chain." Despite this mild reprieve for technology equities, the White House has concurrently hiked tariffs on Chinese goods from 104 percent to 125 percent, maintaining pressure on the world's second-largest economy and its predominantly tech-oriented export sector.

Tech

Aelius Biotech scientists raise £750,000 to expand overseas presence

2025-11-26 07:44:21

A Newcastle biotech company is set to expand its overseas presence after raising a further £750,000. Aelius Biotech’s laboratory gut model is used to trial new drugs and foodstuffs without the need for animal testing, with its model showing how substances will be digested by the body, helping its customers to de-risk product development and improve formulations. Now the firm has raised the six-figure sum from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, which it will use to expand its presence in the US and European markets and complete work on its new laboratory in Newcastle’s Blandford Square. Aelius’s model is the only one of its type that can simulate all three stages of the digestion process, providing testing services for consumer health, pharmaceutical and ‘functional food’ companies including Huel. The business was founded in 2018 by Dr Peter Chater, Dr Matt Wilcox and Professor Jeff Pearson based on their research at the University of Newcastle and the company received initial £1.25m funding from Mercia Ventures and the North East Venture Fund in 2023. Since then it has increased staff from five to 15 and brought in new food clients, including a number of alternative protein and lab-grown meat manufacturers. It also doubled its revenue in 2024. Dr Chater, the company’s CEO, said: “Over the last year we’ve demonstrated the market for novel and improved in vitro testing methods, and expanded our customer base as well as the Aelius team. Along with our move to our new premises, this latest funding will enable us to accelerate our growth in international markets, particularly in the US.”

Tech

Newcastle body clock tech innovator Circadacare secures £500k investment

2025-11-26 07:44:21

A healthtech business that uses knowledge of people's natural body clock and neuroscience has landed £500,000 of investment. Circadacare, which moved into The Catalyst building at Newcastle Helix last year, has secured further backing from Northstar Ventures via £250,000 from the North East Innovation Fund, which is supported by the European Regional Development Fund. There was also investment from new and existing angels, as well as a grant from Innovate UK's North East digital launchpad scheme. The five-year-old firm's flagship product, Heleos, combines circadian lighting technology with monitoring capabilities and is intended to support independent living and reduce care costs. It comes in response to the country's ageing population, and the pressure that puts on the health and social system. Circadacare has identified that standard lighting used in homes, hospitals and supported living facilities can negatively impact the body's natural rhythm, which in turn effects patients' sleep, mood and cognition. That can increase the risk of falls. Heleos is an easy-to-install smart lamp that gathers data about movement and sound, determining when an intervention may be required and providing feedback to clinicians, carers and families. Circadacare is now working with local authorities, domiciliary care providers and care home operators and was awarded a grant from the Longitude Prize in Dementia in 2023, along with several healthy ageing grants from Innovate UK. Tom O’Neill, investment manager at Northstar Ventures, said: "We’re delighted to support Circadacare with further investment which will be used to deepen commercial partnerships with key customers and improve the quality of care received by users. Congratulations to Tallie and the wider Circadacare team." Tallie Bush, COO, Circadacare, said: "This funding comes at the perfect time for Circadacare. It enables us to accelerate our development roadmap and expand Heleos' capabilities based on the valuable feedback we've received from our early adopters. We're passionate about refining the technology that's already making a difference in elderly care settings. With Northstar Ventures' support, we can enhance our offering, building on our strong foundation to create even more powerful tools for older adults and their carers." The latest injection of funding from the North East Innovation Fund follows last year's £1.3m fund raise by Circadacare. That came alongside additional grants of £358,000 from Innovate UK through the Healthy Ageing Innovate UK grant and £80,000 that came from the Longitude Prize in Dementia.

Tech

UK government explores tech tax changes to avert US tariffs, Reeves confirms

2025-11-26 07:44:21

The UK government is assessing possible modifications to its digital services tax (DST) in an effort to prevent additional tariffs from the US, as disclosed by Rachel Reeves. Since being introduced in 2020, the DST, which levies global tech giants such as Meta, Google, and Amazon, has generated approximately £800m annually, as reported by City AM. However, with President Donald Trump expected to declare new tariffs on the 2nd April, the UK is said to be considering altering the tax in return for being exempted from the duties that Trump has warned he would impose on many of the UK's trade allies. Discussing the issue, Reeves stated: "We need to get the balance right. We don't want British exporters facing higher tariffs." She further noted that the UK would persist in ensuring that tech companies are taxed where they are operating while striving to uphold equitable trade ties with the US. Nevertheless, this proposal has been met with harsh criticism. Liberal Democrat leader Sir Ed Davey blasted the notion of adapting UK tax policy to mollify Trump at his party's spring conference in Harrogate. Davey cautioned: "Changing the UK's tax policy to appease Donald Trump and Elon Musk is a dangerous path. Appeasement never works with bullies, and it doesn't work with Trump. Look at what he's already done with British steel tariffs". His observations echo mounting apprehension that Labour's stance towards Trump might erode the UK's capacity to maintain its fiscal sovereignty. "Now Labour's even talking about scrapping Britain's tax on social media giants", Davey continued. While Labour representatives, including Reeves, have not dismissed the possibility of altering the DST to secure advantageous trade conditions, the opposition contends that such compromises could result in long-term damage.

Tech

Raspberry Pi's profits halved in 2024 as stock price tumbles

2025-11-26 07:44:21

Raspberry Pi's pre-tax profit plummeted by 57 per cent over 2024 to a mere $16.3m (£12.6m), as the company grappled with inventory correction issues. The FTSE 250 tech firm disclosed in its annual results that its adjusted operating profit had slipped by 15 per cent to $37.2m (£28.8m), as reported by City AM. Analysts had anticipated this downturn in the company's profit, predicting that the adjusted operating profit would fall within the range of $36m and $38m. The company attributed the steep drop in profit to the expansion of its resource and development expenditures and the heightened administrative costs associated with being a publicly traded entity. However, Raspberry Pi also reported a two per cent decrease in revenue from the previous year, totalling $259.5m (£201m), which was at the lower end of analyst predictions. "Since its IPO in June 2024, the shares of Raspberry Pi have been volatile, first hovering above the listing price of 280p, before shooting up to above 700p in December," observed Deutsche Bank analyst Robert Sanders. Initially, Raspberry Pi's IPO was celebrated as an indication that the London Stock Exchange could be on track for a listing rebound after several challenging years. The stock initially struggled, but in December its fortunes appeared to turn around. The tech company's shares doubled as US hedge funds' interest drove demand for the FTSE 250 company. However, since the start of the year, the stock has declined by 21 per cent. Sanders further commented on the company's current standing: "At the current price, the shares sit on a premium valuation (38 times 2026 earnings), pointing to healthy appetite to believe in the potential of a huge opportunity ahead in edge computing, especially in industrial and embedded markets, which are 72 per cent of Raspberry Pi volumes." The company has accelerated its product launches since going public, with 22 new products introduced in 2024 compared to just six the previous year, indicating an effort to broaden its product range. This trend is also reflected in the firm's staffing, as the proportion of engineers among total employees increased from 44 per cent to 48 per cent last year. Raspberry Pi's CEO, Eben Upton, acknowledged the impact of the IPO, stating: "The IPO in June 2024 has undoubtedly extended awareness of Raspberry Pi's value proposition from the engineering department to the C-suite at major original equipment manufacturers."