Shapes First

What Shapes First does

Shapes First is a London-based boutique management consultancy founded in 2015 by Simon Tweddle that provides risk management, compliance, regulatory change, operational resilience, and business transformation advisory services to FCA-regulated financial services firms. The firm's core client base comprises Payments Institutions, Electronic Money Institutions (EMIs), MiFID and Cryptoasset firms, with additional engagement across asset managers, brokers, energy and commodities firms, mortgage services providers, and PE-owned fintechs. Service lines span Financial Resilience (ICARA/ICAAP/ILAAP, recovery and wind-down planning, financial modelling), Operational Resilience (important business services, impact tolerances, third-party risk), Anti-Financial Crime (AML/CTF, SAR, MLRO support), Safeguarding and CASS, Authorisations and Variations of Permission, Fractional 3rd Line Support (including DORA), Regulatory Change, Business Transformation, Business Performance Improvement, Board and Strategic Advisory, and Learning and Development.

The underlying "technology" is essentially the team's expertise rather than a software product; the firm's own material describes core technology as "Not applicable - boutique management consultancy providing advisory and consulting services rather than technology products." Service delivery relies on a team of approximately 10-11 named senior consultants, each with 15-25+ years of financial services experience across C-suite, front office, operations, technology, risk and compliance functions at regulated firms. Anti-financial crime training is delivered through a strategic partnership with FraudEd, which operates as a third-party digital training platform.

The business model is professional services consulting, with quote-based pricing for project-based work, programme delivery, and ongoing advisory support. Go-to-market is sales-led and enterprise-focused, with senior practitioners conducting direct outreach and introductory meetings to C-suite and board-level buyers. Revenue is not publicly disclosed, the firm is privately held with no institutional investment, and operations appear to be domestic UK with no stated international footprint.

Name

Shapes First

Legal name

Shapes First

Website

https://shapesfirst.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Shapes First is a London-based boutique management consultancy founded in 2015 that provides risk management, compliance, regulatory change, and operational resilience advisory services to FCA-regulated financial services firms including Payments Institutions, EMIs, MiFID and Cryptoasset firms.

Ownership category

akta.pro rank

Product category

Financial Services Regulatory Consulting

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

akta.pro industry

PRIMARYBPAHACAJ

Risk, Compliance & Internal Controls Consulting

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Management Consulting

SECONDARYBPAEAPAG

Third-Party Risk, Vendor Due Diligence & Supply Chain Compliance

Business & Public Services/IT & Digital Services (Managed Services, Systems Integration)/Governance, Risk, Compliance (GRC) & Legal Tech

SECONDARYFSAEADAG

Risk Management Consulting (Enterprise & Operational Risk)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Insurance Brokerage & Risk Advisory

Keywords

• Financial services consulting
• Regulatory compliance advisory
• Risk management consulting
• Operational resilience frameworks
• Anti-financial crime advisory

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Consulting and Advisory Services: Professional services delivered by senior consultants providing risk management, compliance, regulatory change, business transformation, and board advisory services to financial services firms. Engagement models include project-based work, programme delivery, and ongoing advisory support.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Shapes First is a boutique management consultancy that delivers risk management, compliance and operational resilience advisory services to FCA-regulated financial services firms, including Payments Institutions, EMIs, MiFID and Cryptoasset firms. Offerings span Financial Resilience, Operational Resilience, Anti-Financial Crime, Safeguarding and CASS, Authorisations and VoPs, Fractional 3rd Line Support, Risk/Compliance and Conduct, Regulatory Change, Business Transformation, Business Performance Improvement, Board and Strategic Advisory, and Learning and Development. Engagements are delivered by senior practitioners with deep regulatory experience on a project, programme, or ongoing advisory basis.

Product overview

Shapes First is a boutique management consultancy providing professional services to financial services firms. Rather than a unified software platform, it offers a portfolio of consulting service offerings including Financial Resilience, Operational Resilience, Anti-Financial Crime, Safeguarding and CASS, Authorisations and VoPs, Fractional 3rd Line Support, Risk/Compliance and Conduct, Regulatory Change, Business Transformation, Business Performance Improvement, Board and Strategic Advisory, and Learning and Development. Services are delivered through senior-level engagement by industry practitioners with deep regulatory expertise. The company partners with Payments Institutions, EMIs, MiFID and Cryptoasset firms.

Differentiator

Problem solved

Functional benefit

Brands

• FraudEd: Anti-financial crime training services delivered through a third-party partnership.

Products and services

• Financial Resilience Consulting services including ICARA, ICAAP, ILAAP design review and remediation, recovery and wind down planning, financial modelling for capital and liquidity, and prudential risk management and regulatory reporting, for FCA-regulated Payments Institutions, EMIs, MiFID and Cryptoasset firms.
• Operational Resilience Framework design and implementation covering Important Business Services identification and resource mapping, impact tolerances and scenario testing, third-party risk management, and self-assessment with Board reporting, for FCA-regulated financial services firms.
• Anti-Financial Crime AML, CTF, CPF frameworks, BWRA and CRA, SAR procedures, market abuse risk assessments and STOR reporting, interim MLRO support including FCA interview preparation, and traceability reviews to the Financial Crime Guide, for FCA-regulated financial services firms.
• Safeguarding and CASS Design and review of safeguarding arrangements for the payments sector, new regime readiness and gap analysis, reconciliation and record-keeping frameworks, and CASS compliance for the investment firm sector.
• Authorisations and VoPs Preparation for cryptoasset authorisation, EMI and PI authorisations, MIFIDPRU authorisation and Variation of Permission, PASS meeting preparation, regulatory business plan and programme of operations, and financial modelling.
• Fractional 3rd Line Support Thematic reviews for financial and operational resilience, anti-financial crime, safeguarding and CASS; governance effectiveness reviews including SM&CR implementation; ICT governance, change control, third-party risk management, outsourcing and DORA.
• Learning & Development Tailored training programmes designed and delivered to build capability across organisations, with anti-financial crime training delivered in partnership with FraudEd.
• Risk, Compliance & Conduct Design and strengthening of risk and compliance frameworks including governance effectiveness reviews, 1st and 2nd line risk management frameworks, compliance controls frameworks, SM&CR implementation, and market abuse, AML/CTF, CASS and whistleblowing reviews.
• Regulatory Change Delivery of regulatory change protecting commercial priorities including impact and gap analysis with traceability to rules, target operating model design and implementation, programme definition, governance, planning, and delivery support or full end-to-end ownership.
• Business Transformation Shape and deliver transformation programmes balancing commercial ambition, regulatory expectations and operational reality, including strategy and business case definition, business reviews, programme delivery, outsourcing and offshoring, technology RFPs and platform implementation oversight.
• Business Performance Improvement Streamline processes and improve effectiveness using data and technology, covering operating model design, project delivery, business process modelling, improved processes and controls, process modelling platform implementation, and technology capability assessments.
• Board & Strategic Advisory Support for boards and senior executives with pragmatic advice on risk, regulation and strategic decisions, including board briefings on regulatory change, Senior Manager responsibilities guidance, authorisation and VoP process support, and regulatory intervention response.

Quantifiable outcome

• Achieved ICARA and Wind Down Plan documents traceable back to FCA rules and guidelines
• +3 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• FraudEdcoreStrategic or Co-development PartnerFraudEd is a training partner for anti-financial crime education. Shapes First delivers anti-financial crime training through the FraudEd platform, extending their consulting services with digital learning capabilities for financial crime compliance training.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Deloitte (UK Financial Services Regulatory practice): Big 4 firm with a substantial UK FS risk and regulatory consulting practice covering resilience, AML, prudential and conduct. Competes with Shapes First on larger enterprise mandates while offering global reach that the boutique cannot match.
• EY (UK Financial Services Consulting): Big 4 firm providing risk, regulatory, compliance and operational resilience advisory to UK and European FS firms, including fintechs and payments firms. Competes for larger, multi-workstream mandates.
• PwC (UK Financial Services Risk and Regulatory): Big 4 with deep UK FS risk, compliance and operational resilience practice serving large banks, insurers and fintechs. Overlaps with Shapes First on risk, compliance and regulatory change engagements at the enterprise end.
• KPMG (UK Financial Services Risk Consulting): Big 4 with significant UK FS risk, regulatory and compliance consulting practice. Overlaps on resilience, prudential, AML and transformation programmes across regulated entities.
• Accenture (UK Financial Services Risk and Compliance): Global consultancy with a large UK FS risk, compliance and regulatory transformation practice. Competes on enterprise transformation, technology-enabled compliance and operating model redesign programmes.

Direct peers

• Compliance Consulting Group: UK boutique offering FCA compliance, AML, financial crime and operational risk advisory to financial services firms. Comparable boutique positioning with overlapping practitioner-led delivery.
• FSCom: UK compliance and regulatory consulting firm serving fintech, payments and cryptoasset firms on FCA authorisations, AML, safeguarding and operational resilience. Directly competes for the same FCA-regulated boutique mandate set.
• Thistle Initiatives: Boutique UK regulatory consultancy supporting fintech, payments, e-money and crypto firms with FCA authorisation, AML, safeguarding and compliance services. Directly comparable niche and client base to Shapes First.
• Bovill: UK-based boutique regulatory and compliance consultancy focused on FCA-regulated payments and e-money firms. Highly comparable in scale, specialisation (EMIs/PI authorisations, safeguarding, AML), and senior-practitioner delivery model.

Regional players

• FinTrU: Belfast-headquartered compliance and regulatory services firm serving UK and European financial institutions with risk, compliance and regulatory reporting support. Comparable practitioner model but primarily serving different UK/Ireland regional mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ShapesFirst
• LinkedInlinkedin.com/company/shapesfirst

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shapes First