Kore, a RegTech SaaS platform that enables large financial firms to accelerate regulatory compliance, has secured a significant financial boost.
The company raised just under £2.4m from Wealth Club members under the Enterprise Investment Scheme (EIS) in a heavily oversubscribed round.
Kore offers the first dedicated SaaS platform for end-to-end product lifecycle management in financial services. The platform allows financial firms to harness complex and fragmented data, creating a digital audit trail across all products and functions in one place. Kore is uniquely positioned in the industry, providing true regulatory oversight for senior managers, a cross-product management tool for specialists, and an intuitive product hub for frontline users.
The newly-acquired funding is set to enable Kore’s rapid growth, supporting its mission to transform product management in a way that significantly impacts the financial services industry and society at large.
With the UK and other global regulators introducing new standards aimed at improving consumer outcomes, RegTech solutions have become indispensable. The RegTech market is projected to reach $28.33bn by 2027, with more than 50% of compliance budgets allocated to RegTech.
Kore, boasting a blue-chip customer base including major European banking groups, has been generating revenue since its 2019 launch, doubling its revenues year-on-year. The management team is led by accomplished industry figures, and the company is eyeing expansion into new markets later this year.
Wealth Club Head of Direct company investments Gayle Bowen said, “Kore is an exceptionally promising company. Its technology has become ‘mission critical’ to financial institutions dealing with regulatory change, and the company is managed by highly experienced industry leaders. A great example of a commercially compelling EIS investment capable of delivering outstanding returns. Wealth Club members were quick to see Kore’s huge potential, as were we.”
Kore CEO Sabrina Del Prete said, “Providing a full audit trail for the entire lifecycle of every financial product a company offers is a very complex task, which legacy technology systems cannot easily cope with. The Kore platform solves this issue.
“The fantastic response from Wealth Club clients and the support Wealth Club has provided will enable us to continue our rapid growth, supporting our mission to transform product management in a way that is having a meaningful impact on both the financial services industry and society.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global