BNP Paribas takes stake in RegTech startup Fortia

BNP Paribus Securities Services has invested in compliance startup Fortia Financial Solutions.

The financial terms of the deal are undisclosed but it gives the BNP Paribus subsidy a minority stake in the business.

Fortia was founded in 2012 and aims to use intelligence, machine learning and business process monitoring to help the fund industry meet compliance requirements and manage data.

Its Innova platform is targeted at asset managers and owners, aiming to give them the controls to systematically monitor the compliance of their funds with local and international regulatory requirements.

The Paris-based company was first introduced to the banking giant through its L’Atelier FinTech & Corporate Accelerator programme last year.

The investment will be used to expand Fortia’s growth with BNP planning to implement Innova within its depositary banking business to help clients.

BNP Paribas Securities Services’ global head of product and clients solutions, asset and fund services Jean Devambez said: “Fortia’s Innova solution tackles two very real challenges for financial services companies and institutional investors – growing regulatory requirements and mounting volumes of data – by applying new technologies in an intelligent and innovative way.

“By taking a stake in Fortia, we are not only helping a startup flourish but also ensuring our clients have access to the latest technologies to grow and develop their business, meet compliance requirements and enhance operational efficiency.”

Fortia’s founder Reda Bouakel said: “We are very pleased with this strategic partnership, which will provide Fortia not only with the necessary financial resources for its development but also with a strong business expertise essential to the evolution of our offerings.

“This strategic partnership marks a decisive step in Fortia’s development and ambition to become one of the leading providers of technological solutions dedicated to investment compliance monitoring, anti-money laundering, KYC and reporting.”

Copyright © 2017 FINTECH GLOBAL

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst

Investors

The following investor(s) were tagged in this article.