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 worlds 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 Banks UK Branch said: "We are delighted to be working withClauseMatch, 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 TechStarsBarclays 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.