Document management company ClauseMatch has received $2.5m in venture debt funding from Silicon Valley Bank.
This debt facility will be used to support ClauseMatch’s growth in Europe and Asia. The RegTech 100 company recently began operations in South East Asia, with Singapore as its base, and is already serving multiple companies in the region.
To support its presence in Asia, ClauseMatch partnered with RegPac Revolution, a company offering companies support and workshops for moving into the region.
London-based CluaseMatch helps compliance, legal, finance, operations and risk teams automate assessments, ease implementation of regulatory change and better collaborate on documents across the enterprise. The software supports the governance of documentation including standards, procedures and controls.
The company leverages deep understanding of the regulatory lifecycle and machine learning to standardise and automate processes and workflows.
ClauseMatch CEO and founder Evgeny Likhoded said, “ClauseMatch’s growth has been driven by the need for a new approach to compliance as financial institutions struggle to navigate complex regulatory environments across countries where they operate. In the age when regulations are constantly changing, it is a perfect fit for the market experiencing increasing compliance pains that currently are addressed with manual processes.
“Our ambition is to create a world where compliance is transparent and viewed as a business enabler rather than a hindrance. Our clients being global means that we already have a presence in many regions across the world. The funding received from Silicon Valley Bank will help us deliver our solution to financial institutions that are headquartered in Europe, Asia and US.”
Last year, the RegTech became the first company to join the Investment Association (IA) FinTech membership category. The IA recently opened its maiden cohort for its new asset management-focused FinTech accelerator.
Copyright © 2018 RegTech Analyst
