RegTech Clausematch has raised £9 million of strategic funding to expand further into the United States.
The London firm, which automates policy management and compliance for regulated industries, will also invest in its product, technology and data science teams.
The funding was led by Lytical Ventures and joined by Flashpoint and Sony Innovation Fund.
Clausematch’s software-as-a-service platform enables smart management of compliance documents and processes, enabling regulated companies to meet compliance obligations.
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Since its last funding, the team has made numerous advancements to its product offering and launched a new core module, Policy Portal, which it says has been adopted by all of its biggest clients.
Policy Portal is designed to be a single real-time up-to-date repository of all policies and procedures across an organisation.
The company’s presence in North America has grown significantly since the company’s participation in New York-based FinTech Innovation Lab.
With over 180,000 users, the company more than doubled its customer base in 2021. Clausematch counts several Tier 1 banks in North America and Europe, including Barclays, as clients.
“We got pulled to the US market and saw significant demand for our solution in the financial services sector,” said founder and CEO Evgeny Likhoded.
“With this funding round, we are increasing our sales and marketing efforts in the US and European markets.
“And we are also continuing to invest in our technical and product capabilities to automate compliance workflows and apply our data science models to the compliance content as one of the biggest challenges that heavily regulated firms are facing is keeping up with the volume of regulatory change.”