9 August 2023 – To keep pace with its rapid growth, Kore, the RegTech Software-as-a-Service (SaaS) platform that enables large financial institutions to fast track regulatory compliance has raised just under £2.4 million from Wealth Club members under the Enterprise Investment Scheme (EIS) in a heavily oversubscribed round.

The UK financial services industry is facing one of the biggest regulatory shakeups in years following the introduction of the FCA’s Consumer Duty. This drastically impacts how regulated firms operate requiring them to provide a full audit trail of the entire life cycle of every financial product offered.

An estimated 50% of firms are not ready to incorporate these changes as they are beyond the reach of legacy technology and systems. However, failure to do so could lead to costly fines and severe reputational damage. And the UK is not alone in this. Regulators across the world have introduced similar new standards all aimed at improving consumer outcomes.

RegTech software solutions are now a ‘must have’. The RegTech market is experiencing rapid growth and is expected to reach US$28.33 billion by 2027 with RegTech spending estimated to make up more than 50% of all compliance budgets.

Kore, the first dedicated SaaS platform for end-to-end product lifecycle management in financial services, is uniquely positioned to take advantage of this. Kore provides an easy to use, cost effective compliant solution which helps financial firms harness complex and fragmented data, bringing it together to create a digital audit trail across all products and functions in one place. Kore is the only industry solution providing true regulatory oversight for senior managers, a cross product management tool for specialists, and an intuitive product hub for frontline users.

Kore serves a blue-chip customer base, including major banking groups in Europe, and is poised for expansion into new markets later this year. The company has been revenue-generating since launch in 2019 and has doubled revenues year-on-year with a recurring business model that enables scalable, profitable growth.

The company is managed by leading industry figures. Sabrina Del Prete, CEO, has been instrumental in driving digital transformation initiatives throughout an international career spanning three decades, including Managing Director for Coutts Digital and Chief Digital Transformation Officer at Williams&Glyn (RBS). Kore’s Chairman, Phil Smith, was formerly a global managing director of Barclays Wealth Management and founder of Embark Group which was sold last year to Lloyds for £390 million. Joining them is Darren Carter, former Chairman of Peel Hunt, Sally Clark former Chief Internal Auditor for Barclays Group and current Non Exec Director of Citibank, and leading industry voice John Liver who has held senior positions at the FCA.

Gayle Bowen, Head of Direct company investments at Wealth Club said: 

“Kore is an exceptionally promising company. Its technology has become ‘mission critical’ to financial institutions dealing with regulatory change and the company is managed by highly experienced industry leaders who collectively have deep relationships with many leading banks, insurance companies and wealth managers. Sabrina’s vision and insight, combined with impeccable timing, has propelled Kore towards rapid adoption and a fast-growing stream of recurring revenues. A great example of a commercially compelling EIS investment capable of delivering outstanding returns. Wealth Club members were quick to see Kore’s huge potential, as were we.”

Sabrina Del Prete, CEO of Kore said: “Having worked in financial services for more than 30 years I am only too familiar with the challenges new regulation brings. Providing a full audit trail for the entire lifecycle of every financial product a company offers is a very complex task, which legacy technology systems cannot easily cope with.

The Kore platform solves this issue. It is quick to implement with a light-touch integration, helping our customers stay compliant while significantly streamlining operations and reducing costs.

We are operating at the forefront of a problem that is unseen by most but affects us all. The fantastic response from Wealth Club clients and the support Wealth Club has provided will enable us to continue our rapid growth, supporting our mission to transform product management in a way that is having a meaningful impact on both the financial services industry and society.”

*Photos available on request.

Ends 

For further information contact: 

Jo Thorne: 07939882816, [email protected]

Wealth Club

The aim of Wealth Club is simple. To provide high net worth individuals and sophisticated investors with clear, impartial and well researched information on investment opportunities not typically available through mainstream stockbrokers or financial advisers. Wealth Club was set up in February 2016 and is now the largest non-advisory broker of tax efficient investments such as VCTs, EIS and Inheritance Tax Portfolios. Since launch 11,000 clients have invested more than £1.1 billion through its platform.