London-based ALT/AVE has received a £535,000 capital injection, which was comprised of a grand and pre-seed funding.
Innovate UK provided the RegTech with £148,000, of which 70% is a grant. The funds will be used to help the startup receive approval from the UK’s innovation agency and further its product development to expand its offering.
The remaining £387,000 was supplied in pre-seed funding from a group of angel investors. These include ALT/AVE chairman Phil Shelley, former Barclays Investment Bank VP Philipp Eberle and former UBS director Preben Ramm.
ALT/AVE was designed to combat the masses of paper waste in banking. Its flagship product docStribute leverages distributed ledger technology to provide banks and other regulated institutions with a secure and sustainable digital solution for distributing highly regulated documents to customers.
It claims its platform will reduce paper usage by 95% and reduce CO2e 25g per document. Furthermore, it can cut costs by 70%.
ALT/AVE founder and CEO Chris Ansara said, “At ALT/AVE, we have all worked in financial services and we saw first-hand how much paper is wasted in banking. How banks communicate with customers is closely regulated – for good reason – however, institutions are so fearful of non-compliance that modern technology is wildly underutilised. Ultimately, this means the sector continues to waste paper, and have a negative impact on our planet.”
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