With the capital, Novatus plans to hire more staff, particularly for its technical advisors’ team. Funds will also help the company also plans to expand its sales and marketing resources to support the growth of its RegTech offering, as well as bolstering the market penetration of its products.
Novatus, which is based in London, offers specialised advice to financial services firms to help with regulatory requirements, such as risk, compliance and ESG programmes.
Its flagship product, Novatus Transaction Reporting Analysis, enables banks and asset managers to meet their transaction reporting reconciliation requirements in an efficient and cost-effective manner.
Maven Investment Director Alan Robertson said, “Novatus represents an excellent opportunity for the Maven VCTs to invest in a profitable business that has delivered impressive year-on-year growth and with a demonstrable track record of supporting leading financial service firms.
“We can see the significant value that its tech solution offers to clients. Its advisory and consultancy services are already highly rated and trusted by its client base and the Maven investment will provide the resource Novatus needs to continue to provide its high level of service while pursuing sales growth, alongside the continued development of its complementary technology platform.”
Earlier in the year, Maven Capital Partners participated in the $8.3m funding round of Delio, which helps financial institutions connect their clients with private investment opportunities.
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Copyright © 2018 RegTech Analyst