DueDil has become the latest RegTech 100 company to raise funding after closing its Series C round on £8m.
The company, which enables businesses to find opportunities and mitigate risks, landed £2m from Augmentum FinTech. The remaining capital in the round came from Oak Investment Partners, Notion Capital and VentureFounders.
London-based DueDil aims to to build a worldwide database of all companies, bringing full transparency to the way global business is conducted. Its matching technology links together data from authoritative sources, helping DueDil’s customers find, verify and monitor opportunities and risks.
More than 400 leading financial services and technology companies rely on DueDil’s web platform and API for new business prospecting, compliance on-boarding and risk assessment and monitoring. Its API enables businesses to automate many of their internal processes by providing fast, easy, programmatic access to DueDil’s comprehensive company data.
From autopopulating forms and boosting completion rates, to automating AML & KYC checks, to streamlining the credit decisioning process, DueDil claims the API is the ‘reliable and precise’ way to increase the efficiency of a user’s business.
DueDil data’s is used for a client’s AML compliance checks to identify all associated individuals, understand the corporate structure of a counterparty and check for sanctions. Users can also uncover Ultimate Beneficial Owners, foreign parent companies and all subsidiaries using the DueDil API as part of your KYC compliance checks.
Along with its investment in DueDil, Augmentum FinTech has also backed Tide is an emerging leader in SME challenger banking, and revise, which uses machine learning to give multinational companies tools and incentives to pay suppliers instantly on receipt of invoices.
Commenting on the deals, Tim Levene, CEO of Augmentum Fintech, said: “Since our IPO we have built an exciting pipeline of fintech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment.
“These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer. At Augmentum we look for opportunities where we can add value to a company beyond a simple financial contribution. In particular, we seek out talented, driven management teams and help them to achieve their potential.”
Last year, DueDil 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.
Since Q4 2017, more than $3.2bn has been invested in the global RegTech sector. Out of that total, more than $234.6m went to RegTech100 companies, with 25 out of the 100 going onto to raise funds following the award.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
