ClauseMatch announced it raised a total of £1.25m in the official seed round. The latest investment was received from an Austria-based early-stage venture capital fund Speedinvest. ClauseMatch plans to use this sum for scaling its disruptive product globally in the RegTech space.
The funding received from Speedinvest, the most active early-stage investor in the FinTech space in Europe in 2016 (according to The Global FinTech Report: 2016 In Review, CB Insights), is the first large VC investment in ClauseMatch on its way to Series A. SparkLabs Global Ventures and TechStars have already invested in ClauseMatch, as have the likes of high-profile angels Tom Glocer (former CEO of Thomson Reuters) and Cristobal Conde (former CEO SunGard).
Tailored for the needs of banks and financial institutions, ClauseMatch, an innovative document management platform, works as a browser-based collaborative editor with an embedded enterprise workflow in its core. All the comments, approvals and changes are a part of a full audit trail, providing groundbreaking visibility and control over content. This, says Evgeny Likhoded, CEO and Co-Founder at ClauseMatch, brings unprecedented transparency capabilities, which are crucial for senior compliance officials who are currently facing multiple regulatory challenges.
This spring ClauseMatch announced the launch of its platform for streamlining policy management at Barclays and a partnership with JWG RegDelta to automate assessment of regulatory changes on internal governance within banks. Hundreds of users are already using ClauseMatch on a daily basis globally and thousands are due to be onboarded in the course of this year. The company is working with a number of other clients from financial services and insurance sectors.
Oliver Holle, CEO and Founder at Speedinvest commented: “ClauseMatch is one of the exciting RegTech companies which have a great product and a vivid potential to replace the outdated practices by bringing compliance ecosystem to a completely new level of efficiency. We are excited to be part of this journey and work together with their excellent team on achieving this vision.”
“We are extremely happy to get this support”, says Evgeny Likhoded. “Having Speedinvest involved in our business is a really important step forward for us as we continue to advance our product to better meet the demands of financial institutions and scale it globally.”
RegTech is the new concept that is revolutionising financial technology and attracting investor attention. While financial regulation in the UK and many other countries is changing rapidly, solutions to ensure a streamlined response to regulatory updates were still lacking. Analytics state, that the explosive growth of the financial technology industry continued in the first half of 2017 thanks to a slew of investments. Global FinTech funding continued to grow from $19 billion in 2015 to reaching $36 billion in 2016.