RegTech startup MetricStream closes $65m financing round

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fintech insurtech wealthtech regtech ai cybertech esg news

MetricStream, a provider of governance, risk and compliance solutions, has landed a $65m financing round led by Clearlake Capital Group.

Singapore-based EDBI joined the round as a new investor, with existing investors Goldman Sachs, Sageview Capital, and others also participating. As part of the investment, Clearlake partner Prashant Mehrotra will join MetricStream’s board of directors.

The financing round brings MetricStream’s total funding to date to more-than $195.7m, having previously collected $60m in September 2014.

With the complex regulatory landscape becoming more complex everyday, the financial services industry is under increasing pressure to ensure they are appropriately managing risk.

MetricStream claims its solutions improve business performance by streamlining and strengthening an enterprise’s risk management, corporate governance, regulatory compliance, vendor governance, and quality management practices.

The startup says it ‘significantly simplifies’ GRC workflows by automating manual tasks, providing customers with a tangible return-on-investment. It serves enterprise and mid-market customers in dozens of industries, including financial services, healthcare, life sciences, energy and utilities, food, retail, CPG, government, hi-tech and manufacturing.

Shellye Archambeau, CEO of MetricStream, said: “As organisations shift their thinking from risk as a compliance issue, to risk as a performance and decision-making input, they are turning to MetricStream as their strategic and long-term technology partner. MetricStream enables organizations to preserve their corporate integrity, protect their brands and reputations, and perform exceptionally.”

In the first three quarters of 2017, more than $523m was invested across the global RegTech sector according to data by FinTech Global. In the last couple of months, risk and compliance solution SecurityScorecard netted $27.5m in its Series C funding round led by Nokia Growth Partners, while identity verification provider Onfido scored $30m in funding led by Crane Venture Partners. Earlier this year, HyTrust, which specialises in security, compliance and control software, landed $36m in a Series E funding round.

MetricStream was recently hand-picked by industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018.

To find out which other companies make the list:

Copyright © 2017 FinTech Global




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