RegTech Konsentus has completed what the investor Conviction Investment Partners refers to as a “multi-million pound” pre-Series A round.
Konsentus is a fast-growing RegTech startup focusing on providing solutions for the open banking space. Its technology enables financial institutions to verify in real-time that third parties are both legitimate and authorised by their country’s regulator to provide the services being requested.
“We have been monitoring the open banking space for some time and it’s apparent that banks and financial services companies have reservations about exposure to risk,” said Andrew Jenkins, founder at Conviction Investment Partners. “Konsentus helps them to mitigate against that risk while also creating a stable environment for open banking that will reduce barriers to entry and drive adoption.
“Conviction selects post revenue businesses based on their category, high-growth potential and the disruptive impact their technology has had on the market. Konsentus met with all the relevant criteria that Conviction looks for when we select an early stage business primed for growth. We’re pleased to have led the latest multi-million pound round, providing the funds that will support the business as it continues to grow and innovate.”
Mike Woods, CEO of Konsentus, added, “We have grown rapidly due to the timeliness and relevance of our solution and because it helps our customers to successfully navigate the regulatory environment that governs open banking. Our solutions ensure open banking data requests and transactions are legitimate, protecting against fraudulent activity.
“We operate in a fast-growing space and we will continue to scale to meet new requirements. Conviction recognises our potential and they worked closely with us during this latest round of funding. We’re delighted to have such a committed investor that is on hand to provide strategic counsel and support.”
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