RegTech company RelyComply recently underwent a rebrand. The firm looks to expand its reach and widen its footprint. What does the future spell out for the enterprise as it looks towards the horizon?
RelyComply’s rebrand comes almost five years after the company was established in 2020. According to Bradley Elliott, CEO of RelyComply, a significant reason for the rebranding is the need to communicate their evolved offering more clearly by putting their platform and customers at the centre of it all.
He explained, “As you grow as a business, you shift and adapt your offering and gain a better understanding of which customers you add the most value to. We wanted to reposition ourselves in the market to communicate our offering and value proposition clearly.”
Elliott continues, “As we grow, add new features, and establish customer relationships in new markets, our platform may extend beyond just AML. So, rebranding now allows us to futureproof ourselves.”
What will the rebrand mean for RelyComply? Elliott identifies one of the first areas as improved customer engagement. He claims it will allow the firm to position itself purposefully to drive efficiency and effectiveness.
He added, “I keep talking about our customer-centric view. We speak with many potential customers for whom we could solve problems, but sometimes, we aren’t a great fit for them. The first thing the rebrand will allow us to do is to show just how powerful our product is and drive the right conversations with the right customers—those needing a scalable, smart AML solution that empowers their compliance teams. It will allow us to open up to new markets and help us better position ourselves against our competitors, as we’ll be able to articulate our USPs and differentiators more clearly.”
However, the most significant shift that the rebrand will drive is in its market position. As Elliott stresses, RelyComply’s platform provides a truly single, fully integrated AML solution, which is rarely found in the market today.
He said, “Many AML vendors and software providers claim to have end-to-end capability, but when you look at it, it’s often individual solutions that are standalone—they offer products but don’t provide them on a single platform. They may bundle a few together in modules and put them into a platform of sorts, but it is never truly a holistic platform that contains all of these solutions together.
“This allows us to position our platform front and centre confidently. We have integrated all these solutions into a single view of your customer platform. Although we’ve got all these solutions, you can still choose which ones you want to use, but it’s all within one system,” he quipped.
A successful 2024
The rebranding of RelyComply comes after a milestone year for the South African and UK-based enterprise. According to Elliott, the firm saw considerable growth this year despite being a relatively new entrant to the market. Although it has been around for almost five years, the company was only taken to market in the last 20 months.
“We’ve managed to 5x our revenue, and our team has grown substantially,” said Elliott.
“From a platform perspective, we’ve also begun embarking on interesting feature developments. As we grow and get closer to customers, we can add new features—specifically around required tax regulation, automated reporting, and machine learning and AI in the transaction monitoring space, which is a very interesting space to be in.” Elliott says these new features are only made possible by great people. He believes that combining great talent and culture is vital to driving sustainable growth, and the company will focus on attracting talent as it continues to expand.
What is next for the company as it looks beyond 2024? One key focus for Elliott and RelyComply is building the brand’s momentum.
He explained, “We’re launching into the UK, which is a significant moment for us. You want to position yourself to the correct type of customer and put your USP front and centre, so the rebrand became an excellent opportunity.
“Understanding that we need to enter new markets and give ourselves the best shot in them, from a technical perspective and a product perspective, we believe we’ve got a really strong offering,” said Elliott.
The company also stated it intends to engage with regulators more proactively and correctly position the brand and product. Beyond the UK, the company claims to have global ambitions, with Elliott explaining that the business is eyeing the first half of next year to enter two new markets.
“We want to do this because we believe we’ve got a holistic platform that can be applied globally. So our strategy is simple—double down on our existing market, expand into new markets, and grow value within our existing customers. Lastly, we intend to build new features to add value to existing and new customers,” Elliott concluded.
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