RegTech 100 company ClauseMatch has become very first company to join the Investment Association’s (IA) FinTech membership category.
In July, the IA opened its doors to establish the first cohort of ground-breaking innovators for Velocity, the IA’s specialist FinTech accelerator for the asset management industry. The new category is designed to boost engagement between FinTechs and the asset management industry and facilitate the adoption of cutting-edge technologies.
Keith Phillips, the IA’s director for membership & enterprise said: “We are extremely proud to welcome ClauseMatch on board as the IA’s first FinTech member. As a market-defining RegTech firm, ClauseMatch can play a leading role in driving innovation across the buy-side and ensuring that the asset management industry remains globally competitive.”
ClauseMatch has joined the likes of Aprexo, TransFICC, Waymark Tech, 9fin, Qwil Messenger, Fregnan Limited, and Wearehedgd, among others, in the new category.
Based in London, ClauseMatch is a collaboration platform that applies machine learning to help compliance, legal, finance, operations and risk departments automate impact assessment and collaborate throughout the entire implementation process.
The company helps automate impact assessments, streamline the implementation of regulatory change and enables teams to collaborate on thousands of documents across the entire organisation. It claims to reduce costs, speed up implementation and help companies demonstrate compliance to regulators.
ClauseMatch already works with a number of leading financial institutions, legal firms and corporates including Barclays following the time at Barclays Accelerator Program, and Intesa San Paolo. It technogoly is also being tested as part of the third cohort of companies in the Financial Conduct Authority’s (FCA) Regulatory Sandbox supporting a top-tier bank.
In April, the RegTech closed its Series A round on $5m. The round was led by Index Ventures, with participation from Talis Capital, existing investor Speedinvest, Tom Glocer, former CEO of Thomson Reuters, and Cristobal Conde, former CEO of Sungard.
ClauseMatch CEO and founder Evgeny Likhoded added: “Regulators and regulations have hit the financial industry hard ever since the financial crisis. Until recently, most of the organisations affected have been banks and the traditional “sell-side” institutions.
“Especially, with the introductions of SM&CR and MiFID II, the buy-side is starting to see increasing regulatory and compliance demands on their organisations too. Using technology to gain an upper hand, learning from the mistakes of the banks, and avoiding hiring armies of regulatory consultants and employees, the buy-side is well positioned to take advantage of the surge in Regulatory Technology companies.”
The creation of the IA’s FinTech membership is part of the IA’s drive to boost innovation and speed up the adoption of new emergent technology across the asset management industry. The 24-strong Velocity Advisory Panel, chaired by Graham Kellen, chief digital officer of Schroders, and comprised of senior industry leaders and digital technology specialists, will oversee the selection process. Covering all aspects of the investment value chain, the expert advisory panel, will also provide guidance on the adoption of emergent technology across front, middle and back office operations.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
