Cappitech, a provider of automated regulatory reporting technology, has closed a $4m Series A funding round.
The financing round was led by 83North and featured participation from Rony Grushka and Kevin Gould, co-founders of Markit.
It plans to use the funds to accelerate product development, expand regulatory reach and provide business intelligence and big data analytics using AI.
Cappitech said it will also increase its investment in sales and marketing, expanding its global footprint, particularly across Europe, to meet the demand for â€˜high-quality regulatory technologyâ€™.
Grushka said: â€œFinancial institutions need highly sophisticated, easy to use tools to help with their regulatory reporting and regulatory insight. Cappitech have successfully distinguished themselves in this new space through their technological innovation and domain expertise.â€
The company said with increased regulatory requirements being imposed on the financial services industry and hefty fines for non-compliance, â€˜an emerging space has developed for innovative leadersâ€™.
Cappitechâ€™s platform bridges the gap between financial institutions and the regulators. It enables customers to automate submission and analyse their daily trades to comply with international financial transaction reporting obligations.
The cross-regulation platform uses state-of-the-art technology to provide a â€˜unified experienceâ€™ for all regulatory reporting along with an analytics dashboard to process and audit review compliance reports.
Ronen Kertis, CEO, Cappitech, added: â€œThis significant investment, combined with the experience and insight which our board brings to the business, will enable us to accelerate our plans and take the business to the next level.
â€œIt will enable us to extend our global reach and add even more functionality to our platform, quickly meeting the growing demands of the market and bringing further value to our customers.â€
Last year, Cappitech was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018.Â The RegTech 100 is part of the Global RegTech review â€“ an essential, in-depth analysis of the global RegTech market.
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