Scaled Risk, a Paris, France-based provider of reporting & analytics for banks & asset managers, has raised €3m.
The funding came from Odyssée Ventures and will be used to launch its Cloud solution.
Scaled Risk said it is attacking the European RegTech market, which concerns 15,000 financial institutions all subject to the same regulatory constraints, with banks facing increasingly stringent authorities. According to the Boston Consulting Group, European banks have been fined more than €100bn since financial crisis of 2008.
Thierry Duchamp, founder and CEO of Scaled Risk, said: “After 4 years of R & D and the signing of major reference groups (banks, management companies, regulatory authorities), this fundraising allows Scaled Risk to enrich its offer and industrialise its model to meet the demand, exponential of smaller actors.
“Today, the market is moving towards more accessible solutions for data processing and analysis, including performance calculation, risk management and regulatory reporting. Seen with suspicion a year ago, the cloud is today a reality and imposes a little more every day to the actors of the finance.”
Scaled Risk’s cloud-ready platform allows performance, risk & regulatory teams to make faster and better decisions, while ensuring regulator-proof compliance. Banks & asset managers use Scaled Risk everyday to drive operational efficiency and regulatory compliance, according to its website.
The platform is used to build reports that stay regulator-proof across time with automated reviews and time-machine audit, helping with KYC, PRIIPS KIIDS, MIF2 Costs & fees, and disclosure, among others. Scaled Risk’s Alerts module also provides a real-time, 360° view on data quality, meaning users ca take the actions needed.
“Our technological value proposition has been validated and proven by the market,” Duchamp added. “Thanks to the confidence of Odyssée Venture and our close partnership with Microsoft Azure, we can industrialise our model. We are planning immediately the hiring of a dozen people (sales people, product experts and software engineers).”
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