Clausematch announced the close of a US$10.8M strategic funding round led by Lytical Ventures and joined by Flashpoint and Sony Innovation Fund. The new financing will be used to increase the company’s commercial activities in the US and invest in its product, technology and data science teams. The new funds bring the total investment to date to over US$20M.
Clausematch is a financial technology company that provides a software-as-a-service platform for smart management of compliance documents and processes, enabling regulated companies to meet compliance obligations. According to Clausematch, since its last funding, its team has made numerous advancements to its product offering and launched a new core module, Policy Portal, which has been adopted by all of Clausematch’s 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 stated that its presence in North America has grown significantly since Closematch’s participation in NY-based FinTech Innovation Lab. With over 180,000 users, the company has more than doubled its customer base in 2021. According to the company, Clausematch counts several Tier 1 banks in North America and Europe, including Barclays, as clients.
Evgeny Likhoded, founder and CEO of Clausematch, said: “We got pulled to the US market and saw a significant demand for our solution in the financial services sector. With this funding round we are increasing our sales and marketing efforts on 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.”
Steve Berg, Partner at Lytical Ventures stated: “Compliance is the cornerstone of any well-reasoned implementation of enterprise policy management, security posture, or corporate strategy. If there is anything that today’s geopolitical climate demonstrates, it is that companies are required to be proactive and dynamic in their approach to compliance. Clausematch is among the most forward-thinking companies offering a solution today, and its adoption by some of the most trusted institutions in the US and Europe is proof. Our expectation is that the company will develop into the market-dominant player in this space.”
Donatella Callegaris, Managing Partner of Flashpoint Venture added: “We are proud to welcome Clausematch to the Flashpoint family! We see the successes that Evgeny and Team are demonstrating in the US market and are happy to support them on their exciting growth path.”
“The global RegTech market is expected to reach more than $55B US by 2025 as a growing number of compliance departments across many industries turn to technology and automation to cope with new and ever-changing regulations,” said Antonio Avitabile, Managing Director-EU of Sony Ventures Corporation. “With its unique solution and a leadership team with deep expertise in compliance and financial services, Clausematch is well positioned to lead this growing market globally.”