Finomial plans global expansion following investment

RegTech 100 company Finomial, a compliant client lifecycle management platform, has landed a strategic equity investment from Silver 8 Capital.

The new capital will be used to expand its footprint globally in existing and new markets, including asset managers, private banks and wealth managers, commercial and investment banks, as well as fast-growing FinTechs, including alternative banks and crypto asset platforms. Finomial will also use the funds to extend its current technical advantages.

Meredith Moss, Finomial CEO said: “Silver 8’s investment enables us to continue our technical leadership – and to bring our platform to every segment of the financial services market.”

As part of the investment round, Silver 8’s Jose Suarez and Jorge de Mello will be joining Finomial’s board of directors.

Finomial automates investor servicing from end to end, bringing together fund administrators, fund managers, and investors. It supports clients across $540bn in assets, with over 450 funds using its platform to ensure every interaction achieves client regulatory compliance. In a single integrated platform, Finomial automates client onboarding, KYC, AML, FATCA, and CRS, while improving the client experience.

On the investor compliance side, its technology enables users to integrate with their third-party AML data providers, including LexisNexis Bridger and ThomsonReuters WorldCheck for a single place to review and remedy hits, and to escalate reviews.

The users can also use Finomial’s configurable rules engine to set KYC documentation requirements based on the investor type, jurisdiction and investment vehicle, and then automate the outreach to investors for missing or expired documentation. Finomial can also automatically generate online tax form and self-certification requests; track receipt; review documents; and follow-up on outstanding items.

Silver 8 Capital’s managing partner Jose Suarez added: “The convergence of regulatory compliance and client experience is a space ripe for innovation, and Finomial represents a new paradigm. For financial institutions who are no longer willing to undertake 18-month software deployment and customization projects that the traditional vendors require, Finomial’s agile technology and SaaS-native design brings an end to the revenue bottleneck of compliant client on-boarding.”

In a recent interview with RegTech Analyst, Meredith Moss said the rate of new regulation is making RegTech a ‘must have’ for banks but adopting these solutions is a slow process.

Last year, Finomial was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

Copyright © 2018 RegTech Analyst

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