Regtech start-up ClauseMatch lands £3.6m funding
ClauseMatch, a UK-based start-up in the regtech space, has raised £3.6 million ($5 million) in its Series A funding round.
ClauseMatch, specialises in smart document management. It is a graduate of Barclays’ accelerator programme, Techstars, and has Barclays and Intesa Sanpaolo on its customer list.
According to Barclays’ global head of compliance operations and frameworks, Steven Burman, “ClauseMatch is now mandated for all global policies and standards for the Barclays Group”.
He adds that ClauseMatch works as “one centralised hub to aid accessibility for all staff. Full audit trail, in-built governance around document stages, structured data advantages and quick turnaround for enhancements for Barclays make it very helpful for work with high-risk internal documentation.”
ClauseMatch also took part in the Financial Conduct Authority’s regulatory sandbox and partnered with JWG to develop new reg reporting solution at FCA’s TechSprint in 2016.
“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,” states Jan Hammer, partner at Index Ventures.
“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function much better for both the regulated and the regulator, by providing new, simple to use tools replacing outdated document management and word processing software.”