European automated compliance platform Naq, has successfully secured a significant €3m (£2.6m) investment, marking a pivotal step in the advancement of healthcare and medical compliance across the UK and the EU.
This oversubscribed funding round, featuring a substantial contribution from No Such Ventures alongside additional backing from prior investors, underscores the market’s robust confidence in Naq. This investment comes notably less than twelve months after Naq’s pre-seed funding, mirroring the platform’s vigorous expansion in the UK’s digital health landscape.
Based in Amsterdam and London, Naq was co-founded by Nadia Kadhim, a GDPR Lawyer celebrated as a Forbes 30 under 30 laureate, and Chris Clinton, a former cyber security expert at NATO and BAE Systems. This funding announcement arrives amidst a challenging climate for start-ups, particularly those spearheaded by female entrepreneurs, in securing investments; a notable statistic reveals that less than 2% of European Venture Capital Funding is allocated to female founders.
Naq’s revolutionary automated compliance platform is making significant strides in industries grappling with stringent compliance and regulatory demands, particularly in the healthcare sector. Historically, companies in these sectors relied heavily on consultants, a solution that not only incurred high costs but also contributed to the complexity of compliance processes.
Naq is transforming this landscape by empowering innovators to adhere to vital healthcare frameworks, simplifying their compliance journey, safeguarding healthcare data, and accelerating the introduction of transformative and cost-effective solutions to the healthcare market.
Beyond simplifying compliance processes, Naq’s platform plays a crucial role in enhancing the security of the healthcare supply chain. It achieves this by enabling NHS trusts, government departments, and large-scale organisations to reliably ascertain the compliance status of their suppliers.
Reflecting on the journey and the path ahead, Naq CEO and co-founder Nadia Kadhim stated, “Nearly 50% of healthcare solutions fail to make it to market due to the complex regulatory and compliance challenges they face. Those who choose to take on this complexity face overwhelming amounts of manual work and huge sums spent on consultants.
“That’s why we built Naq: to empower innovators in the UK and Europe to bring their solutions to market by simplifying their compliance with the frameworks required to operate in the healthcare sector.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
