SimplyBiz Group Ltd will have a value of £130mln when it floats on the AIM stock market in London on April 4.

The compliance and business services provider has raised £30mln at 170p from an institutional placing, while its owners are selling a further £34.6mln worth of shares.

Membership base of over 3,400

SimplyBiz said proceeds from the placing will be used to reduce the company's debt.

Matt Timmins and Neil Stevens, the joint CEOs, have run the business since 2010.

Over the period, revenues have grown 366% to £44mln from £12mln.

Timmins said: “We have become a disruptive force in financial intermediation, building a membership base of over 3,400 adviser firms and associated proprietary network of 135 financial institutions.”