Helsinki-based iconicchain has garnered €1 million in new funding. The Finnish fintech builds compliance automation solutions and intends to use the capital to continue international expansion efforts, specifically targeting both the UK and German markets. Prior to this raise, iconicchain has seen only $65,000 in investment.
Based on blockchain technology, iconicchain digitises the compliance processes for the financial sector, thereby providing an automation solution. According to the firm, by employing their technology, institutions can reduce regulatory compliance costs by 50%.
With two product offers, the startups' IconicSecurities automates the lifecycle of asset-backed securities, all the while continuously evaluating and executing regulatory compliance. Saving institutions the laborious process, the system then files extracted data and valuations with the appropriate authorities and investors.
Cutting no corners, and forward-looking, the startups’ IconicChainServer is, as the name might imply, a blockchain-based automation algorithm that can set up and configure blockchain-based solutions for financial institutions in minimal time.
Iconicchain’s offer is in use by a number of German and Austrian banks including Tyrolean-based Bank für Tirol und Vorarlberg, and the company has recently won a tender from the Hungarian National Bank.
The new investment in iconicchain was provided by listed investor OXO Technologies Holding in the amount of €700,000, while the remaining €300,000 comes from undisclosed angel investors.