RegTech startup ClauseMatch has raised $5 million to boost its mission to help financial institutions keep pace with the "broken" regulatory system, in a Series A round led by Index Ventures.
A graduate of Techstars Barclays accelerator programme in 2014, ClauseMatch automates workflow across the thousands of documents used by compliance, legal, finance, operations and risk departments to provide a comprehensive audit trail and demonstrable compliance with the ever-shifting regulatory landscape.
Index ventures was joined by by Talis Capital, SpeedInvest and
high-profile angels Tom Glocer, former CEO of Thomson Reuters, and Cristobal Conde, former CEO of Sungard in the EUR5 million round. The firm, whose customers include Barclays and Intesa San Paolo, raised £1.25 million in seed funding last year.
Jan Hammer, partner at Index Ventures says: "The regulatory system is broken. Regulators don’t have a full view of how regulation impacts the industry, over-regulating as a result, whilst companies struggle to keep up and stay compliant. We believe ClauseMatch can make the entire regulatory ecosystem function much better for both the regulated and the regulator, by providing new, simple to use tools replacing outdated document management and word processing software.”