UK-based regtech startup ClauseMatch announced on Monday it secured $5 million through its Series A funding round, which was led by Index Ventures, with participation from Tom Glocer, former CEO of Thomson Reuters, and Cristobal Conde, former CEO of Sungard. Founded in 2012, the company reported that it provides a software-as-a-service platform for smart document management.
According to Index Ventures, compliance, legal, finance, operations and risk departments use ClauseMatch’s platform to help automate impact assessments, streamline the implementation of regulatory change and to collaborate effectively on thousands of documents across the organization. The platform also applies “deep” understanding of the regulatory lifecycle and machine learning to standardize and automate processes and workflows across teams, reducing costs, speeding up implementation and demonstrating compliance to regulators.
ClauseMatch also works with various financial institutions, legal firms and corporates, including Barclays following the time at Barclays Accelerator Program, and Intesa San Paolo. Steven Burman, Managing Director, Compliance Operations, and Controls at Barclays, stated:
“Since their graduation from the Barclays Accelerator, powered by Techstars, in 2014, our relationship with ClauseMatch has grown from strength to strength. Thanks to features such as a full audit trail, in-built governance, and centralised access, we’ve found ClauseMatch to be really useful for high-risk internal documentation, which is why they are now mandated for all global policies and standards across the Barclays Group. We’re very proud to have come on this journey with them, and look forward to growing with them in the future.”
“Our goal is to create a compliance platform that is fully automated, smooth and effortless, that enables people responsible for compliance to be more proactive and strategic, and that increases full transparency and the state of compliance across the board. Equally, we are aiming to bring regulators to the table so that both sides of financial services are connected.”
Jan Hammer, Partner at Index Ventures added:
“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. 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.”