Switzerland-based RegTech startup Apiax, which provides a digital compliance management platform, has closed a $1.5m seed funding round.
The round was led by Peter Kurer, a partner at BLR & Partners, DIventures, and the Swiss ICT Investor Club (SICTIC).
Zürcher Kantonalbank and Tugboat also participated in the round, with the capital going towards expanding the company’s operations, product development and market entrance efforts.
With mounting pressure from regulators, financial institutions are facing surging costs, increased operational business risks, and decelerated innovation
Apiax is looking to help its clients, from banks to FinTech companies, transform complex regulations into digital compliance rules.
It provides a digital compliance management platform to enable external legal experts and in-house legal and compliance teams to collaborate and manage regulations digitally.
The platform consists of digital rule sets, which are kept up-to-date and verified; and, a regulatory cockpit for legal and compliance teams to manage regulatory updates, review and deploy them.
The founding team is comprised of legal, technology, and marketing veterans, including Ralf Huber.
“The financial industry needs an easy, lean, and efficient compliance solution in order to be competitive and innovative again”, Huber said.
“This seed funding will help us continuously improve our product and bring it to market.”
Zurich-headquartered DIventures is focused on accelerating FinTech and RegTech innovations and trends.
DIventures’ proven investment strategy spans all stages of a company’s growth, from seeding innovations to funding early-stage companies to fueling the growth of market leaders.
Earlier this year, research from FinTech Global found that London is leading the way in terms of RegTech growth as global investment soars.
The analysis shows that RegTech investments have more than tripled over the last five years, with London establishing itself as the global leader in RegTech deals.
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