While navigating an ever-changing industry of regulatory technology and a global pandemic impacting every aspect of life, Clausematch, one of the leading global RegTech companies, celebrated 10 years this month.
Clausematch is a financial technology company that provides a software-as-a-service platform (SaaS) for smart management of compliance documents and processes, enabling regulated companies to meet compliance obligations.
From signing dozens of new clients to expanding to the North America market, the company has experienced a number of big developments over the last decade. Among them include signing the first client, Barclays global bank, and then raising the Series A, which helped Clausematch grow its team and focus on providing for its core clients in compliance and policy management.
Developing a regulatory technology company when RegTech wasn’t an established industry didn’t come without challenges, as CEO and co-founder Evgeny Likhoded explained. He said the company struggled to identify its ideal customer in the early days.
“The challenge is they're really great customers, they’re long-term customers, but at the same time, because they’re in large organizations, we had to deal with many decision-makers and that takes time,” said Likhoded.
Just a decade in business, Clausematch now has clients in banking, insurance, Fintech/payments, energy, and is working with regulators. The company services more than 40 clients across the globe and has garnered $20 million in investments. Its most recent funding round saw financial support from Sony, Lytical Ventures, and Flashpoint.
Clausematch continues to be a leader in FinTech, earning Global FinTech Startup of the Year by FinTech Abu Dhabi, as well as placement in US RegTech Awards, RegTech 100, CB Insights' Top Fintech 250, and Dow Jones’ Top 10 RegTech Companies to Watch.
Starting with just three people in its London office, Clausematch now employs more than 70 people and has offices across 3 continents, but as a hybrid company, its employees are all over the world. More than 15 languages are spoken among Clausematch staff. The company is looking to launch its new tech office in Europe in the coming months.
“The diversity really brings tolerance into the company, tolerance of other cultures, other traits,” said Likhoded. “The tolerance brings humbleness as well.”
Likhoded said he has seen significant change in Fintech over the last ten years, with the incorporation of remote work spurred from the pandemic and thousands of new regulations from governments as they work to navigate an ever-more connected digital world. Likhoded said he anticipates more disruption in the coming years.
“We’ll have less products which pose an extreme risk for consumers, thanks to the incorporation of artificial intelligence,” said Likhoded. “We will have fewer crisis moments in the world if financial products are actually validated and we identify the risks.”