The company made an underlying profit of £0.6 million in the six months to December 31, an increase of 46% in the same period of the year before. Similarly, the firm increased its first-half revenues by 23% annual to reach £4.3m from £3.5m the year prior.

Beeks Financial Crowd’s success can be put down to an increased take up of its technology which can be used to accelerate online trading in financial products. The fintech also signed up two more clients in the Tier 1 sector of significant market players in the first half.

The firm also agreed a deal with a cloud-based payments provider worth £1.1m over three years and secured another deal worth $1m (£0.8m) annually with a global financial markets technology provider, The Herald reports.

Gordon McArthur, Beeks Financial Cloud’s chief executive said that both deals were of significantly higher value than the firm has signed previously. He added that Beeks Financial Cloud is continuing to expand its offering into the larger financial services market.

Mr McArthur said: “The business has grown considerably over the last six months, in terms of offering and customer base but also in the addressable market, due to the successes we have had in new areas of the financial services market.

“These factors combined with the continued growth in our committed recurring revenues and size of our new business pipeline, provide us with confidence in our continued success.”

Mr McArthur added that the company intends to increase its activity levels at its headquarters to support the development of its products. Beeks Financial Cloud intends to create 17 new posts thereafter being awarded a £2m R&D grant by Scottish Enterprise in January.