London-based RegTech ClauseMatch secures $2.5. million venture debt funding
Blogs on 28th May 2019
By ClauseMatch: 28/05/19
London, May 28– Following recent expansion in Singapore, London based RegTech firm ClauseMatch closed its first venture debt funding round with Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses and their investors.
The $2.5 million loan package agreed between ClauseMatch and Silicon Valley Bank will be allocated to support the company’s continued growth in Europe and Asia. Recently the company started operations in South East Asia, out of Singapore, and is already serving clients with a presence in the region.
Evgeny Likhoded, ClauseMatch CEO and founder, said “ClauseMatch’s growth has been driven by the need for a new approach to compliance as financial institutions struggle to navigate complex regulatory environments across countries where they operate. In the age when regulations are constantly changing, it is a perfect fit for the market experiencing increasing compliance pains that currently are addressed with manual processes.
“Our ambition is to create a world where compliance is transparent and viewed as a business enabler rather than a hindrance. Our clients being global means that we already have a presence in many regions across the world. The funding received from Silicon Valley Bank will help us deliver our solution to financial institutions that are headquartered in Europe, Asia and US.”
Craig Fox, Vice President at Silicon Valley Bank’s UK Branch said: “We are delighted to be working with ClauseMatch, a company whose high-growth success story has excited us for a long time. As companies increasingly look to bring more automation to back-office operations, there is no doubt that there will be significant demand for ClauseMatch’s compliance platform.”
A graduate of TechStars Barclays Accelerator programme in 2014, ClauseMatch automates compliance workflow across the thousands of documents used by compliance, legal, finance, operations and risk departments to provide a comprehensive audit trail and demonstrate the state of compliance with the ever-shifting regulatory landscape. ClauseMatch applies deep understanding of the regulatory lifecycle and machine learning to standardise and automate processes and workflows across teams, reducing costs, speeding up implementation and demonstrating compliance to regulators.
The company is already working with several global financial institutions, including Barclays and Revolut, the digital-only bank.
ClauseMatch is a software technology company that enables financial institutions to comply with their internal corporate governance documentation (standards, procedures, controls). It is a 2014 graduate of the inaugural Barclays accelerator programme, BBVA Open Talent challenge winner, and is in the top RegTech companies selected by CB Insights and Dow Jones. The company is live at several global financial institutions. The solution brings unprecedented productivity and transparency for Compliance, Legal, Finance, Operations and Risk teams saving millions in terms of time and resources, while significantly reducing risk and providing accountability. Recently ClauseMatch launched operations in Asia out of Singapore.
In 2018 ClauseMatch has been included on the FinTech 50 list of the most promising startups to watch. The company has been named among the fastest-growing Top 250 FinTech companies globally by CB Insights, and in the end of 2018 became Banking Technology awards runner-up to the Bank of England for the “Best use of RegTech”.
For more information, visit www.clausematch.com
About Silicon Valley Bank (SVB):
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.