Kore, the RegTech Software-as-a-Service platform that enables large financial institutions to fast track regulatory compliance has raised just under £2.4 million from angel network Wealth Club under the Enterprise Investment Scheme (EIS) in a heavily oversubscribed round.
Kore creates a digital audit trail across all products and functions in one place, providing regulatory oversight for senior managers, a cross product management tool for specialists, and an intuitive product hub for frontline users.
The firm, which has doubled revenues year-on-year since launch in 2019, is expecting further growth following the implementation in the UK of new Consumer Duty rules, which places a burden on firms to demonstrate the delivery of good outcomes for customers from their sales and marketing activity.
Kore's executive team have decades of experience in the financial services industry.. Sabrina Del Prete, CEO, was formerly managing director for Coutts Digital and chief digital transformation officer at Williams&Glyn, while chairman, Phil Smith, was a global managing director of Barclays Wealth Management and founder of Embark Group which was sold last year to Lloyds for £390 million.
Says Del Prete: “Having worked in financial services for more than 30 years I am only too familiar with the challenges new regulation brings. 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."