ClauseMatch, a financial and regulatory technology startup that provides SaaS-based document management, announced today that it has raised $1.6 million in a seed round of financing. The round was led by Speedinvest, an Austrian and Silicon Valley-based venture capital fund. Clausematch plans to use the new capital to scale its product globally in the RegTech space.
Speedinvest is the most active early-stage investor in the FinTech space in Europe (according to The Global FinTech Report: 2016 In Review, CB Insights) and leads the first major VC investment in Clausematch. Existing investors include SparkLabs Global Ventures and TechStars, as well as strategic angels like Tom Glocer, the former CEO of Thomson Reuters, and Cristobal Conde, the former CEO of SunGard.
The new investment comes shortly after the soft launch of Clausematch last spring, which included a successful roll-out at Barclays to streamline the bank’s policy management. Hundreds of Barclays employees were onboarded during the initial phase, with thousands more added over the course of this year.
Purpose-built for the complex regulatory needs of financial institutions, Clausematch modernizes document management with its web-based, collaborative editor that documents workflows in great detail. All comments, approvals and changes are tracked, indexed and reflected in a comprehensive audit trail, providing more visibility, transparency and control over highly sensitive materials.
“With Clausematch, we’re bringing unprecedented reporting capabilities which are crucial for senior compliance officials who are constantly facing regulatory challenges,” said Evgeny Likhoded, CEO and Co-Founder at Clausematch.
Oliver Holle, CEO and Founder at Speedinvest, commented, “Clausematch is one of the few RegTech companies that have a great product and vivid potential to replace outdated practices, bringing the compliance ecosystem to a completely new level of efficiency. We are excited to be part of this journey and to work with their passionate team on achieving this vision.”
“We’re looking forward to expanding into the global market with such an amazing group of investors,” says Likhoded. “Having Speedinvest involved in our business is an important step forward as we advance our product to better meet the demands of financial institutions on a global scale.”
