RegTech company b.fine has raised $1.21m in a funding round led by Pamica NV, the investment company of Clear2Pay’s former chairman and CEO Michel Akkermans.
Akkermans will join the b.fine board as part of the deal. The startup will use the cash injection to accelerate the growth of its solutions at an international scale and to continue the investments in its own regulatory reporting platform b.rx.
“Since the financial crisis, financial institutions have been exposed to a regulatory tsunami with ever increasing reporting and data requirements,” Klaas Van Imschoot, co-founder b.fine. “These new reports with their proper timelines and data requirements, heavily impacted the way of working within the different reporting teams.
“At the same time, regulators also extended their focus from reports towards the underlying data and associated processes. However, none of the current solutions really captured these changing needs from reporting teams and regulators. With our platform b.rx, we are bringing the required innovation to this market and are leading financial institutions to the next era of regulatory reporting.”
Akkermans added, “Financial institutions are continuously struggling to submit their reports on time and with the right level of data quality. With b.fine’s platform b.rx, regulatory reporting will be heavily simplified and thus the regulatory pressure will be relieved as well. This will allow financial institutions to focus more on their core activities and to transform the mass of regulatory data into actionable insights.”
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