A tech firm which provides spreadsheet services to businesses is planning to expand abroad after securing a new £500,000 support package.

Birmingham-based Synapse Information says it has also been able to double its team and accelerate its research and development activities as a result of the funding package from HSBC.

Established in 2012 by a team of Silicon Valley veterans, Synapse Information works with companies to consolidate their finances and streamline their data infrastructure through smart spreadsheet products.

Its clients primarily operate in the financial and retail sectors.

The funding has enabled Synapse Information to recruit new staff and dedicated R&D specialists as well as lay the groundwork for expanding overseas.

It said it was aiming to open offices in the US and Australia within the next five years.

Based at Innovation Birmingham Campus, the company said it was also hoping to expand its customer portfolio within the financial industry, both in the Midlands, across the UK and abroad.

The business is turning over £2 million in revenue and expects to turn over £5 million in the next two years.

Head of finance and operations Tineke Booth said: "HSBC's support has enabled us to double our workforce and move ahead with delivering our vision of improving the workload of group finance departments worldwide.

"The working capital provided by HSBC has put us in a strong position for further growth, meaning we can continue to hire expert local talent, take on new clients and introduce new products to our portfolio through our R&D efforts."

Steve Peart, area director for business banking in Birmingham, added: "Synapse Information is a young business with ambitious plans to enter new markets overseas.

"As one of the largest international banks, we are confident in our ability to help it achieve this."

The funding was arranged by HSBC relationship manager Mark Rodgers.