Revolut, a digital-only bank and UK's fastest growing FinTech, announced today that it has signed an agreement with Clausematch. Following a successful trial period, Revolut is adopting the innovative regulatory technology from a London-based RegTech to streamline management of internal policies, controls and regulatory compliance.
2
Despite all the words of criticism, Revolut has experienced significant growth since it was founded three years ago, developing within an extremely regulated environment. The Britain's fastest-growing FinTech player with over 3 million users across 28 markets in Europe, is preparing for launch in the US and Canada, Australia, New Zealand and readies an expansion into Asia.
Revolut is currently working in multiple jurisdictions with different rules applied to financial technology companies. And one of the reasons the company was able to scale so fast is due to its serious approach to compliance.
"Compliance is something that a company cannot get wrong. That's why it is incredibly important to evaluate the process constantly and innovate where possible. We strongly believe in innovation and technology. Some companies build compliance function hiring mature professionals. Revolut experienced growing pains with hiring talent in senior roles, and compliance is no exception. We decided to double-down on technology. I can state, that regulatory technology can indeed make a huge difference." - Nikolay Storonsky, Revolut CEO and Founder says. "
Revolut is signing up over 120 businesses and 8000 customers per day. The whole model of the business is super agile. Such is also cooperation between Revolut and Clausematch, with the trial period which took just a couple of months. During this time Clausematch delivered functionality essential for Revolut fast and smooth, showed timely support and potential for further development.
"While many banks are still lagging behind because they do not encourage creative and alternative thinking, FinTechs are making their way forward, having a great potential for adopting new ways of dealing with risk and compliance because they have no legacy technology at all. Revolut is an excellent example of such company.
We are extremely excited to partner with them, pioneering regulatory technology at this fast-growing FinTech company. Revolut has a great potential, and we are eager to help them move forward globally covering all the questions regarding the state of compliance. ," - Evgeny Likhoded, Clausematch CEO and Founder, commented.
To recall, in 2017 Clausematch went live at Barclays for policy management and compliance at global bank. The platform is currently live at several global financial firms.
