VoxSmart, a communication monitoring service provider, has received £5.5m in a funding round from UK bank NatWest.
The equity was deployed to VoxSmart to help it reach new markets and increase the development of new solutions.
VoxSmart helps firms meet communication monitoring requirements through voice and electronic communication services. Banks and financial institutions can use their mobile phones in a secure manor and ensure everything will be recorded when required.
All of the data it collects from recordings is collated into a single location to ease compliance audits. VoxSmart captures all this data and makes it available via a secure portal for compliance audits. It can also help business save money on their international call costs due to the way its cloud network infrastructure routes calls.
NatWest growth capital director Kit Maclaren said, “As a purpose-led bank we champion the potential of businesses; removing barriers and helping them thrive. Financing UK companies such as VoxSmart, reflects our firm wide dedication to supporting high growth, innovative scale-up businesses and is the key driver behind our new Growth Capital product. We are hugely excited to support the team at VoxSmart.”
The RegTech startup previously secured $7m in a Series A round back in 2017. The investment was led by UK Technology investor Deepbridge Capital and a number of senior capital markets executives.
VoxSmart CEO Oliver Blower said, “No other vendor in this space has the Financial Markets DNA, expertise and pedigree that VoxSmart has. We are building something unique together with our clients and continue to be excited with how our technology is redefining how financial markets see their data. We are delighted to have NatWest support us as we continue to set the global standard for communications surveillance.”
Due to the coronavirus pandemic, the European Securities and Markets Authority (ESMA) has relaxed video communication monitoring requirements under MiFID II during the COVID-19 (coronavirus) pandemic. During this period it understands firms may encounter scenarios where they cannot record certain conversations, and is asking them to seek alternative measures to mitigate risks.
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