Business verification and risk assessment platform Middesk has netted $4m in its seed funding round led by Accel Partners.
Other contributions came from Sequoia Capital and Y Combinator.
The company is building a tailored approach to understanding business identity and risk. To achieve this, it has established three core principles. These are that information should be relevant, it should be recent, and it should be complete.
In a blog post on the funding, the company said, “Looking forward, our vision is to apply these principles to every meaningful detail about every business.
“Doing so will improve decision-making across compliance, fraud, and underwriting by providing more relevant and complete information in areas of financial stability, legal exposure, and corporate relationships, among others. In this way, we not only aim to reduce risk but expand economic opportunity to businesses who lack traditional measures of credit or financial standing.”
Middesk provides infrastructure for businesses to create trusted relationships, helping them to manage risk and compliance at scale.
Accel has invested into a handful of RegTech platforms this year, most recently, it led the $2.5m seed funding round of GRC management platform VComply. The company streamlines operations management, third-party management, auditing, and compliance processes for organizations.
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