Finnish RegTech company iconicchain, which leverages blockchain to improve compliance, has collected ?1m in funding.
The investment was led by OXO Technologies, an investor listed on the Budapest Stock Exchane, with it committing ?700,000 to the round, according to a report from Helsinki Fintech Farm. A group of unnamed angel investors suppled the remaining ?300,0000.
iconicchain has built a compliance automation solution that digitises compliance processes of the financial sector with blockchain technology. Its iconicSecurities service automates the lifecycle of asset-based securities, providing evaluations and reports to meet compliance requirements.
The iconicChainServer solution is a blockchain-based distributed ledger that can store data, documents and records as needed for compliance.
Helsinki Fintech Farm claims iconicchain experienced net sales revenue of ?452,000 in 2020 and achieved an EBITDA of ?183,000 and a profit of ?138,000.