RegTekSolutions, a multi-jurisdiction regulatory reporting solutions provider, has raised $5m in a Series A funding round.
The round was led by share marketplace company Deutsche Borse, via its DB1 Venture arm, and Illuminate Financial Management, which will both take a minority stake in the company.
As a result of the deal Deutsche Borse managing director Holger Wohlenberg and Illuminate managing partner Mark Beeston will both become non-executive board members of RegTekSolutions.
As well as the aforementioned companies, RegTek said in the FinTech Global RegTech survey, that DTCC, CME Group, UBS and Societe General are some of their clients.
The investment will be used to scale the company’s operations to meet the expected rise in demand through incoming reporting requirements like MiFID II, Dodd Frank with the impending SEC implementation and potential new CFTC rules in North America.
FinTech Global research found that RegTech investments in Q1 more than doubled year on year. Data showed an 102 per cent increase in total investments in Q1 2017 compared to the same point last year.
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