RegTech 100 company Ascent Technologies has been chosen to take part in the BMO Harris / 1871 Innovation Program.
Ascent, which helps to build, manage, and automate compliance programs, is one of four startups to be chosen by BMO Harries.
The program is focused on engaging and mentoring early-stage technology startups in Chicago and Wisconsin that have innovative solutions in lending, financial planning, digital tools and data analytics.
Brian Clark, CEO and co-founder of Ascent said: “All of us at Ascent are thrilled to be chosen for this program and we’re grateful to BMO Harris Bank and 1871.
“Ascent has proven RegTech solutions that have been implemented at a wide variety of financial institutions, and we’re looking forward to working with BMO Harris as we continue to refine and enhance our RegTech offerings to best support the complex business processes for large banks.”
BMO Harris Bank provides a range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. While 1871 is the home of over 500 high-growth technology startups and more than 1,500 members.
The BMO Harris / 1871 Innovation Program includes a four-month mentorship program with access to mentors and resources and the potential opportunity to pilot technology with BMO Harris Bank.
“Last year’s program was a great success; we continue having discussions with all three winners to pilot their services because we find value in what they have to offer,” added Ernie Johannson, group head, US personal and business banking, BMO Harris Bank. “This year we are excited not only to continue the partnership with 1871, but also to welcome new partners in Wisconsin to amplify our talent pool and create new synergies all around.”
Headquartered in Chicago, Ascent helps customers simplify and automate their regulatory compliance programs. Its IntaaS (Intelligence-as-a-Service) platform uses a proprietary vertical AI and automation processes to convert the rules and documents of a regulatory body into units of intelligence that are distributed to customers online.
For each customer, Ascent produces custom workflows, documentation, and compliance manuals uniquely tailored to the specific requirements of each firm.
Earlier this year, the RegTech raised $6m in its Series A financing round, which was led by Alsop Louie Partners and joined by Randall Kroszner, member of the Board of Governors of the Federal Reserve System from 2006 to 2009. Other new investors included Temerity Capital Partners; Steve Kaplan of the University of Chicago, the University of Chicago’s Polsky Center for Entrepreneurship and Innovation; and Doug Monieson, chairman emeritus of Hyde Park Angels.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
