Suade Labs, which hopes to transform the way financial institutions handle reporting, has closed its Series A funding round.
The round was led by Glenn Hutchins, as well as other unnamed strategic investors. The round was also backed by former Citigroup CEO Michael Corbat, former Thomson Reuters CEO Tom Glocer, Coatue Management founder Philippe Laffont, former TD Ameritrade board chairman Joe Moglia, former AT&T chairman and CEO Randall Stephenson and Altec chairman and CEO Lee Styslinger.
The RegTech company was founded in 2014 by Diana Paredes and Murat Abur and hopes to transform regulatory interpretation and delivery through its open-source global regulatory data standard, which has machine learning and natural language processing layered on top.
Financial institutions use the platform to automate and scale end-to-end regulatory reporting capabilities.
Suade CEO Paredes said, “When we founded the Company, we knew that the approach to solving large scale regulatory harmonisation problems would require a large amount of groundwork and the right kind of investor and support.
“We are pleased that after executing on our initial vision, we have developed significant technological IP and are now driving the market forward as thought leaders and agents for positive change.”
As part of the investment, Glenn Hutchins will join the Suade Labs board of directors.
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