Lextegrity, a compliance risk management and analytics software developer, has secured $5m in funding.
Prescott General Partners, an existing backer of Lextegrity, supplied the capital to the round. The RegTech company has raised a total of $8.2m in external funding.
With the fresh equity injection, Lextegrity is looking to meet the demand from its global customer base, enhance its go-to-market efforts and deepen its Integrity Gateway. This tool enables organisations to prevent and detect fraud, corruption, sanctions violations and conflicts of interest.
The company has experienced strong growth over the past year, with its workforce and its customer base.
Chicago-based Lextegrity offers tools for spend pre-approval, third-party due diligence, conflicts of interest and continuous monitoring of financial transactional data. Its workflow automation platform can also automate compliance approval processes and its data analytics platform can automatically risk rates of an organisationâ€™s financial transactions.
Lextegrity founder and CEO Parth Chanda said, â€œSince launching Lextegrity in 2017, the response to our platform has been phenomenal.
â€œUp until now, compliance and audit teams have been forced to rely on a combination of disconnected systems, manual processes and periodic, sample-based analysis to prevent and detect compliance risk. Providing them with access to contextual data sets, true automation and genuine integration, all packaged within a platform that anyone can use in multiple languages, is proving to be a real game changer.
Prescott previously invested $3.2m into Lextegrity in 2019.
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