RegTech firm Clausematch has closed a $10.8m strategic funding round headed by Lytical Ventures.
The funding round also saw participation from investors Flashpoint and Sony Innovation Fund.
According to Clausematch, the new financing will be used to boost the company’s commercial activities in the US and invest in its product, technology and data science teams. Following this round, the company has raised more than $20m.
The company claims its presence in North America has grown substantially since its participation in the New York-based FinTech Innovation Lab. With over 180,000 users, the firm has more than doubled its customer base in 2021 and counts several Tier 1 banks in North America and Europe as clients.
Clausematch CEO and founder Evgeny Likhoded said, “We got pulled to the US market and saw a significant demand for our solution in the financial services sector. With this funding round we are increasing our sales and marketing efforts on the US and European markets. And we are also continuing to invest in our technical and product capabilities to automate compliance workflows and apply our data science models to the compliance content as one of the biggest challenges that heavily regulated firms are facing is keeping up with the volume of regulatory change.”
Lytical Ventures partner Steve Berg added, “Compliance is the cornerstone of any well-reasoned implementation of enterprise policy management, security posture, or corporate strategy. If there is anything that today’s geopolitical climate demonstrates, it is that companies are required to be proactive and dynamic in their approach to compliance. Clausematch is among the most forward-thinking companies offering a solution today, and its adoption by some of the most trusted institutions in the US and Europe is proof. Our expectation is that the company will develop into the market-dominant player in this space.”
Dontella Callegaris – managing partner of Flashpoint Venture Debt – also remarked, “We are proud to welcome Clausematch to the Flashpoint family! We see the successes that Evgeny and Team are demonstrating in the US market and are happy to support them on their exciting growth path.”
Griffin, a banking-as-a-service and embedded finance platform provider, previously adopted Clausematch’s compliance technology to aid its path to become a fully licensed bank.
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