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Blenheim Chalcot

Can a single venture builder systematically originate, build, and exit category-defining fintech and SaaS businesses by combining shared infrastructure, capital (via BCI Capital), and embedded finance platforms across the portfolio?

Founded1998
HQScale Space, 58 Wood Lane, London, W12 7RZ, UK
FoundersManoj Badale, Charles Mindenhall
IndustryInfrastructure / Venture Builder (Fintech & SaaS)
The story

Founded in 1998 as a UK IT services consultancy, Blenheim Chalcot evolved into one of the UK's leading venture builders, systematically building and scaling fintech and SaaS businesses from inception through to exit. The firm's embedded finance angle deepened significantly through Liberis (revenue-based SMB lending) and Modulr (embedded payments infrastructure), with BCI Capital providing the private credit rails to fund alternative finance portfolio companies. After 15+ years building Liberis into a global embedded finance platform operating in 17 markets, Blenheim Chalcot exited to Nordic Capital in 2026, signalling a mature venture-builder model focused on originate-build-exit cycles in fintech.

Last 12 months
2026-06
Product timeline
1998
Founded by Manoj Badale and Charles Mindenhall as M&C Consultants Limited, initially launching Agilisys as an IT services company focused on local government.· pivot
2004
Blenheim Chalcot established its current venture-builder structure following merger of netdecisions, Agilisys Contact Services and Agilisys.· pivot
2007
Liberis (originally Merchant Cash Advances) founded within the portfolio as an SMB revenue-based finance platform.· lending
2011
Blenheim Chalcot acquired Merchant Cash Advances, rebranding it as Liberis to build an embedded finance platform for SMBs.· acquisition
2015
Agilisys established as an employee-owned company through an Employee Ownership Trust, partially separating from Blenheim Chalcot's direct ownership.· pivot
2023
BCI Capital (private credit investment manager backed by Blenheim Chalcot) exceeded £500m of transactions, providing receivables-backed debt capital to UK alternative finance businesses including Liberis, Oakbrook and Salary Finance.· lending
2026
Nordic Capital agreed to acquire Liberis from Blenheim Chalcot, combining it with Qred to create a global SMB financing platform; marks Liberis exit after 15+ years in portfolio.· acquisition
Acquisitions
Merchant Cash Advances (rebranded Liberis)2011
Acquired as an early-stage SMB revenue-based finance business; built into Liberis, a leading global embedded finance platform serving 53,000+ active SMBs across 17 markets before exit to Nordic Capital in 2026.
The stack
1 layer disclosed in Blenheim Chalcot’s embedded-finance stack
Lending
LiberisLiberis Embedded Finance PlatformRevenue-based finance for SMBsBCI Capital receivables-backed debt facilities
Accounting gap: none