White label platform Seccl is looking for a new chief after reshaping its management team and promising dramatic expansion on the back of further investment from owner Octopus, the details of which were undisclosed.

Current chief executive David Ferguson has been promoted to be executive chairman to focus on developing Seccl’s future vision, strategy and growth.

The company said it is now seeking a new CEO to which Mr Ferguson will pass on day-to-day executive responsibilities in time.

Until the new chief is in position and approved by the FCA, Seccl’s 180-strong team will continue to be led by Mr Ferguson, reporting to Ruth Handcock as non-executive chair of the board.

Seccl now looks after more than £3bn on behalf of more than a quarter of a million customers and said it expects to triple assets under administration over the coming year.

Mr Ferguson said: “Seccl is now a serious player – and I truly believe we can become a once-in-a-generation business by capitalising on the numerous opportunities in front of us. 

“The progress we've made in building a business, together with the continued backing from Octopus, means we can further strengthen our team and allow me to really focus on our future strategy and growth.

“We’re doing important work in an area that is crying out for something better (all around the world) and that makes it a wildly exciting time to be shaping even bigger plans.” 

Ruth Handcock, Seccl chair, said: “It’s been incredible to watch the transformation of Seccl over the three years of Dave’s leadership, and to see it reach the scale where we now need to manage huge UK demand and future global expansion.

“This enlarged executive team will mean Seccl is set up to have its cake and eat it – delivering not just now, but well into the future, too.”

Seccl is part of Octopus, the £12.5bn group that also owns companies like Octopus Energy, Octopus Investments and Octopus Money. 

Seccl was founded in a garden shed by Dave Harvey and Hugo Thorman after the pair left platform Ascentric, later sold to M&G which dropped the Ascentric brand in 2021.

The two exited the business in February 2024 as Octopus expands its stake in Seccl.