Konsentus closes Pre Series A Financing Round led by Mastercard

Monday, 3rd June, London – Konsentus, a RegTech company that delivers SaaS solutions to Financial Institutions to enable them to be PSD2 open banking compliant, has closed a multi-million-pound Pre Series A financing round. The round was led by Mastercard and supported by other investors.

Mike Woods, CEO of Konsentus said “The RegTech market is growing at 45%+ per annum and with 9,000+ Financial Institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant and this investment will support an accelerated growth plan across Europe. With plans to launch new related services later in 2019 and international expansion in due course, we will be pursuing a Series A financing round in late 2019”

Mastercard’s SVP of Open Banking Jim Wadsworth commented “We see significant potential for the Konsentus service as Open Banking evolves both in Europe and globally.  Through its targeted investments in payment technology, Mastercard continues to provide real value in the way it delivers new solutions to its customers and end-users.”

Source: https://www.konsentus.com/company/press-releases/konsentus-closes-pre-series-a-financing-round

Reg UK raise £2.4 million Series C investment from Disruptive Capital Finance and Shawbrook

London-based Reg UK provides a range of data analytics and risk management solutions to insurance and financial services companies globally. Founded in 2013, the regtech startup has just completed a €2.7 million funding round from existing investor Disruptive Capital Finance.

REG aspires to become the go-to solution for insurers and intermediaries looking to simplify compliance and management processes between insurers, brokers and customers. Already, the startup counts major clients across the UK and in international markets, including ageas, PIB Group, Lloyds and GRP, helping them to effectively comply with commercial, regulatory and legal requirements.

The additional capital will be used to further develop REG’s platform and hire new talent to accelerate the startup’s growth in the UK and globally.

REG currently employs 35 people, and continues to disrupt the insurance marketplace by accelerating due diligence processes and enhancing ongoing risk management through advanced data analytics and monitoring tools.

“REG has a compelling and market leading position in a fast growing sector,” said Edi Truell, Founder of Disruptive Capital Finance. “We are delighted with its progress since our initial investment and we look forward to actively supporting its continued success.”

“This facility not only provides scope for further growth but is also a validation of what we’ve already achieved,” said Michael Phair, CEO of REG. “Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue need this type of support to scale-up and succeed – particularly internationally.”

Source: https://www.eu-startups.com/2019/05/london-based-reg-uk-raises-e2-7-million-to-globally-scale-its-compliance-solutions-for-insurance-and-financial-companies/

ClauseMatch closes £1.98 million Venture Debt from Silicon Valley Bank

May 29, 2019

Following recent expansion in Singapore, London based RegTech firm ClauseMatch closed its first venture debt funding round with Silicon Valley Bank (SVB).

The $2.5 million loan package agreed between ClauseMatch and Silicon Valley Bank will be allocated to support the company’s continued growth in Europe and Asia. Recently the company started operations in South East Asia, out of Singapore, and is already serving clients with a presence in the region.

Evgeny Likhoded, ClauseMatch CEO and founder, said:

“ClauseMatch’s growth has been driven by the need for a new approach to compliance as financial institutions struggle to navigate complex regulatory environments across countries where they operate. In the age when regulations are constantly changing, it is a perfect fit for the market experiencing increasing compliance pains that currently are addressed with manual processes.

Our ambition is to create a world where compliance is transparent and viewed as a business enabler rather than a hindrance. Our clients being global means that we already have a presence in many regions across the world. The funding received from Silicon Valley Bank will help us deliver our solution to financial institutions that are headquartered in Europe, Asia and US.”

Craig Fox, Vice President at Silicon Valley Bank’s UK Branch, stated:

“We are delighted to be working with ClauseMatch, a company whose high-growth success story has excited us for a long time. As companies increasingly look to bring more automation to back-office operations, there is no doubt that there will be significant demand for ClauseMatch’s compliance platform.” 

A graduate of TechStars Barclays Accelerator programme in 2014, ClauseMatch automates compliance workflow across the thousands of documents used by compliance, legal, finance, operations and risk departments to provide a comprehensive audit trail and demonstrate the state of compliance with the ever-shifting regulatory landscape. ClauseMatch applies deep understanding of the regulatory lifecycle and machine learning to standardise and automate processes and workflows across teams, reducing costs, speeding up implementation and demonstrating compliance to regulators.

The company is already working with several global financial institutions, including Barclays and Revolut, the digital-only bank.

Source: https://thefintechtimes.com/clausematch-secures-funding/

Maven backs Symphonic Software

Maven has led an investment in Edinburgh-based Symphonic Software (Symphonic), a leading player in the Identity and Access Management (IAM) market.

Symphonic has developed a software solution that enables organisations to securely share critical, time-dependent and sensitive information by managing access to data and services in the inter-connected digital economy. Its platform enables the user to set rules and controls, even for the most complex administrative requirements, at extreme granular levels. 

Symphonic is helping businesses respond to the rapidly emerging requirement for sharing data both inside and outside an organisation, while maintaining compliance with internal policies and external regulations. Data security, General Data Protection Regulation (GDPR) and Open Banking regulations are just some of the initiatives forcing Symphonic’s financial customers to undertake major re-engineering programmes that inevitably involve the deployment of a sophisticated access management solution. As a result, the IAM market is growing rapidly and is forecast to be worth in excess of $20 billion by 2022.

Symphonic’s solution enables financial institutions to manage the new, complex access patterns resulting from these regulations whilst delivering the right balance between security and customer experience. Its clients can react quickly to new threats whilst lowering their costs by defining their access control policies in a single location.

The funding from Maven will be used to further scale the business, investing in sales and marketing resource, as well as product innovation, to ensure Symphonic continues to offer customers a best-of-breed solution in this important and growing market.

We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy.

David Milroy, Partner at Maven

Source: https://www.mavencp.com/about/latest/689-maven-leads-investment-in-symphonic-software

Arkk secures £5 million investment from Mobeus

Arkk’s for:sight platform attracts £5m to give leading companies confidence in their tax and regulatory reporting

Mobeus has invested £5 million of growth capital in Arkk, a UK-based Software as a Service provider that digitises regulatory reporting, which is increasingly required by authorities worldwide.

Founded in 2009, Arkk recently launched for:sight, a new software platform that simplifies burdensome processes, reduces the potential for non-compliance, and frees up the finance function to focus on value-adding tasks. Arkk has over 800 clients in 20 countries, including a quarter of the FTSE 350 and 10 of the top 20 UK accounting firms. 

Mobeus’s capital will support Arkk’s plans to invest in sales, marketing and new product development to accelerate its strong position in the UK tax and regulatory reporting market. 

Mobeus Investment Partner Amit Hindocha led the deal for Mobeus, supported by Amaad Mahmood. Mobeus Partner Bob Henry joined the Board at completion.

Amit Hindocha says:

“As tax authorities increase pressure to boost revenues and improve transparency through digitising all tax and compliance reporting, Arkk has a fantastic opportunity to leverage its unique platform, strong reputation in the regulatory reporting market, and very loyal customer base. Manual tax processes no longer serve the needs of companies that are going global, adopting new business models and managing complex geo-political issues like Brexit.”

Richard Metcalfe, Arkk CEO, says:

“Mobeus’s investment in Arkk comes at a tipping point for transforming tax and reporting functions. CEOs trying to steer companies through a tough competitive and regulatory environment can no longer afford to get tax wrong. The timeliness and accuracy of external reporting underpins a company’s standing with investors, regulators, customers, employees, suppliers and society.”