London-founded regtech startup ClauseMatch has landed $2.5 million in a venture debt funding round from Silicon Valley Bank (SVB). The company, which has recently opened an office in Singapore, plans to use the fresh cash to grow in Europe and Asia.
ClauseMatch, which graduated from the TechStars Barclays Accelerator programme in 2014, has developed a compliance automation platform that applies machine learning to the processes and workflows across teams in financial organisations, including Barclays and Revolut.
“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,” said Evgeny Likhoded, ClauseMatch CEO and founder. “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.”