Ireland-based Datactics, a compliance and data harmonisation solution for financial institutions, has received £1.2m in new funding.
Scottish venture capital firm Par Equity led the investment and was joined by the Bank of Ireland’s Kernel Capital fund.
Funds from the new round will be used to accelerate growth, with eyes on tripling revenues in three years and increasing demand for its software services.
Last year, the RegTech startup raised an undisclosed investment from Kernel Capital to support its growth. In the past 18 months, the company has moved its headquarters, established a machine learning team and opened offices in New York and Milan.
The company offers a range of data matching software which helps financial institutions. Its RegMetrics solution offers monitoring and improvement of data to improve regulatory compliance, while its entity match engine helps map instruments and entities at scale as well as streamline KYC and onboarding processes.
Services available to financial institutions include sanctions match engine, data migration, single customer view, digital marketing intelligence, firewall controls, and a trade repository.
Datactics CEO Stuart Harvey said, “Seldom does a day go by where the possibilities of machine learning aren’t being discussed. We’re as keenly aware as industry commentators that any successful use of this technology will rely on fast access to perfected data, something that has been our sweet spot since we were founded, and in which we’ve been investing continuously throughout my six years at the firm.
We’re extremely pleased that Par Equity has come on board at this exciting time in our company’s history and look forward to working with them.
We would like to thank all our supporters for their continued assistance, guidance and custom, and we look forward to sharing more exciting news in the near future.
Last year, led €2.25m investment round of cybersecurity technology developer Nova Leah. The Irish RegTech uses 24/7 vulnerability monitoring with real-time repository updates identifying risks.
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