NextWave

NextWave is a next-gen consultancy working with Tier 1 global financial services firms across banking, asset management, insurance and fintech on digital strategy, business process automation and AI-enabled data and analytics.

Founded in 2019 by Tony Clark and formally launched in 2020, the business has grown to complete over 100 projects for 22 global financial services clients, and has been recognised as one of The Sunday Times Best Places to Work. Its senior consultants bring direct, client-side experience from financial services firms, giving the business a deep understanding of the operational and regulatory challenges that transformation and AI-adoption programmes encounter.

NextWave works across five service lines, data, automation, testing, AI and transformation, supported by partnerships with 30 specialist vendor platforms, including Quantexa and Alteryx. The business has also developed a suite of proprietary accelerators and delivery tools that allow it to demonstrate measurable client outcomes earlier than a traditional consulting engagement typically would.

YFM recognised NextWave as a specialist consultancy with a differentiated model in a structurally growing market.

Tony Clark has previously scaled and exited two financial services consultancies and has built a strong founding team with deep domain expertise across the sector. The business has established a strong client base among Tier 1 financial services firms, with relationships built on consistent delivery and a model that clients find increasingly relevant as they accelerate their AI and automation programmes.

As part of the investment, Colin Evans joins as Chair, bringing extensive experience scaling technology businesses, including as former COO of Detica – the technology and intelligence consultancy acquired by BAE Systems – and as NED of 6point6, the PE-backed financial services technology consultancy acquired by Accenture in 2023.

The investment will support NextWave’s next phase of growth across several strategic priorities:

• Client growth: Expanding existing client relationships and winning new logos across Tier 1 financial services, through the addition of client-facing partners
• Delivery IP: Continued development of proprietary accelerators and AI tooling to maintain a speed-to-value advantage over traditional consulting models
• Talent: Team expansion including a graduate programme co-developed with technology partner Quantexa
• Future expansion: Potential to extend into new services and geographies as the business scales

The Market Opportunity

Financial services firms are at an inflection point in AI adoption. Only around 7% have fully scaled AI enterprise-wide, yet FS AI spend is expected to grow at 29% per annum. The foundational work required to get there – modernising data infrastructure, automating legacy processes, building AI-native workflows – sits directly within NextWave’s core service areas.

The FS digital transformation market is growing at 14.7% CAGR to 2030. As major institutions continue to direct budget towards AI deployment and digital change, demand for specialist consulting support that can deliver in a highly regulated environment, at pace, will only increase. NextWave is well positioned to meet that demand.