UK-based Ruleguard, which supplies regulatory compliance to financial institutions, has received a £3.5m investment from Foresight Group.
This capital injection will help Ruleguard develop additional platform capabilities while also scaling its sales and marketing efforts to meet the growing market opportunity.
Founded in 2013 by John O’Dwyer, Ruleguard initially launched as a software development consultancy. O’Dwyer saw an opportunity in 2015 and developed a software platform to support the incoming Client Assets Sourcebook (“CASS”) regulations.
Since then, Ruleguard has gained a growing blue-chip customer base and expanded its capabilities to become one of the most competitive GRC platforms in the financial sector.
The regulatory compliance platform claims to be uniquely positioned as a specialised platform for regulatory compliance and has a broader coverage than point solution providers while being more focussed than generic enterprise grade risk management platforms.
Customers of Ruleguard can navigate the growing challenges of increasing regulatory compliance requirements with less effort and lower risk, whilst saving money on audit compliance costs.
Its technology supports compliance with SMCR, as well as automates documentation and monitoring.
Ruleguard CEO John O’Dwyer said, “We had a lot of interest in our equity raise from the VCT sector and held numerous conversations with potential partners, but Foresight was the ideal fit. What stood out was the quality of their people, their skill at relationship building, their obvious integrity and their passion for the technology sector.
“Foresight understood our ambition and unique proposition for our clients better than most and we are excited that this meeting of minds will accelerate our growth as RegTech continues to transform the financial sector.”
In other RegTech news, Compliance.ai recently raised $6m in a funding round. The capital injection was backed by Cota Capital and JAM FINTOP. Compliance.ai offers a regulatory change management platform that helps mitigate risk, reduce costs and increase confidence in compliance status.
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