diff --git a/requirements-dev.txt b/requirements-dev.txt
index ce5ab86..0f4de49 100644
--- a/requirements-dev.txt
+++ b/requirements-dev.txt
@@ -420,7 +420,7 @@ sqlalchemy==1.4.44
     #   flask-sqlalchemy
     #   marshmallow-sqlalchemy
     #   sqlalchemy-utils
-sqlalchemy-utils==0.38.3
+sqlalchemy-utils==0.41.1
     # via
     #   -r requirements.txt
     #   funding-service-design-utils
diff --git a/requirements.txt b/requirements.txt
index 530003d..74aebd0 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -245,7 +245,7 @@ sqlalchemy==1.4.44
     #   flask-sqlalchemy
     #   marshmallow-sqlalchemy
     #   sqlalchemy-utils
-sqlalchemy-utils==0.38.3
+sqlalchemy-utils==0.41.1
     # via
     #   -r requirements.in
     #   funding-service-design-utils