Following recent expansion in Singapore, London based RegTech firm Clausematch has signed an agreement closing its first venture debt funding round with Silicon Valley Bank, the bank which is know its support of the most innovative businesses, enterprises and their investors.
The $2.5 million loan package agreed between Clausematch and Silicon Valley Bank (SVB) will be allocated to support the company's further growth in Europe and Asia. Recently the company started operations in South East Asia out of Singapore, already serving clients with a presence in the region.
Philippe Gelis, CEO and co-founder at Kantox commented: "RegTech solutions for GRC have become a must-have for the finance industry, so it is a part of our strategy to support innovative companies in this space with a strong product for compliance automation. Best wishes of luck to our new portfolio company Clausematch."
Craig Fox, Vice President at the Silicon Valley Bank’s UK Branch said: "We are delighted to be working with Clausematch, a company whose rapid high-growth success story has been on our radar. In fact, this investment follows our ongoing vector regarding RegTech as we aim to bring more automation to back-office operations. Thanks to the features such as a full audit trail, in-built governance, and centralised access, it is not doubted that the demand for the Clausematch platform will only increase."
"Clausematch's rapid development in the market has been driven by the actual need for a valid compliance automation solution. In the age when regulations are constantly changing, it is a perfect fit for the market experiencing increasing compliance pains.
"Our goal is to create a compliance platform that is fully automated and serves clients. Our primary focus now geographically is Europe and Asia. These markets are in absolute need for innovative solutions for compliance automation. We are lucky to have such support from the SVB. The funding received from Silicon Valley Bank will help us deliver our solution to financial institutions in these regions," - Clausematch CEO and founder Evgeny Likhoded mentioned.
Compliance, legal, finance, operations and risk departments use Clausematch to help automate impact assessments, streamline the implementation of regulatory change and to collaborate effectively on thousands of documents across the entire organisation. 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.
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.
The company is already live at several global financial institutions, including Barclays and Revolut digital-only bank. Clausematch is now mandated for all global policies and standards across the Barclays Group.
In 2018 Clausematch has been included on the FinTech 50 list of the most promising startups to watch. The company has been named among the fastest-growing Top 250 FinTech companies globally by CB Insights, and in the end of 2018 became Banking Technology awards runner-up to the Bank of England for the "Best use of RegTech".
