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.
13 May 2019 – REG (UK) Limited (REG) has completed a £2.4m funding round as it continues to experience rapid growth. The funding includes a £1.8 million Growth Capital facility from Shawbrook Bank, supported by further investment from current shareholder Disruptive Capital Investment Ltd, and founder Michael Phair.
This funding round will support the continued expansion of sales and business development functions as REG continues to extend its services globally.
The London-based RegTech disruptor now employs 35 people, specialising in accelerating due diligence processes within the insurance industry and enhancing ongoing risk management through advanced data analytics and monitoring tools.
Michael Phair, CEO and founder of REG said:
“This facility not only provides scope for further growth but is also a validation of what we’ve already achieved. 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. We’re delighted with the interest and support Shawbrook has shown us and it’s a positive thing for the InsurTech/RegTech sectors that specialist banks like this exist in the UK.”
Will Chappel, Head of Growth Capital at Shawbrook Bank says:
“I’ve known Michael Phair and Paul Tasker (REG’s managing director) for some time now and it’s no surprise to me how rapidly they’ve grown and the extent to which their clients value the service they provide. By understanding the dynamics of the business after four successful years of trading, it’s vital that we can offer flexibility – particularly when it comes to covenants and warrants. Having the ability to provide either or a combination of both allows for a more collaborative approach, which we know businesses like REG are looking for.”
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REG provides technology driven intelligence, due diligence and risk management solutions for the General Insurance industry.
Through the REG Network, its on-demand cloud-based solution, REG has transformed counterparty compliance due diligence processes and accelerated agency documentation exchanges in the insurance market. Over 30,000 TOBAs have been issued, negotiated and accepted by Members of the REG Network.
REG provide a range of services for Insurers, Lloyd’s Managing Agents, MGA’s Wholesalers and Brokers all of whom are required to have oversight of their relationships with each other as well as their policyholders.
REG is actively developing solutions to address Delegated Authority risk and regulatory requirements and expanded its offering in 2018 to provide global monitoring capabilities in over 80 countries. REG recently received a £8m capital injection from Edi Truell’s Disruptive Capital Investments fund to further its technology and internationalisation.
For more information visit www.reg.uk.com
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.”