Themis, a collaborative governance, risk, and compliance platform, recently announced thatit has secured $9 million in seed investment “to solve compliance and risk challenges stemming from cross-sector and cross-border partnerships.”
The investment round was led by TTV Capital along with contributions from Felicis and existing investors Walkabout Ventures.
As mentioned in the update, Themis claims to be “the first platform that allows banks, fintechs, and cryptos to create a strong compliance environment instantly while enabling collaboration so industries can create standards together and push innovation forward.”
This technology will “solve long-standing industry communication issues.”
For the past year, Themis has been “developing enterprise-grade software that is already being utilized by multi-million dollar companies, fintechs, and community banks.”
The firm is currently “focused on hiring key executives and furthering partnerships in the industry and will use this latest funding to continue that momentum.”
Themis’ solutions allow for customizable tech “with a user-friendly interface, making it easier than ever for members of diversified industries to achieve their specific priorities from a singular compliance tool.”
Founded by industry veteran Neepa Patel, Themis’ technology “cuts down on the operational, time management, and financial costs associated with regulatory assessments.”
Patel is “uniquely qualified to address the challenge of inefficient risk and compliance workflows.”
Starting as a bank regulator during the credit crisis at community banks, Patel’s experience “spans numerous compliance and regulatory roles at large banks including Morgan Stanley and Deutsche Bank, as well as in fintech, specifically the blockchain sector.”
She has “seen the communication breakdowns in these industries and has designed a thoughtful solution to improve the task management hurdles faced by compliance and regulatory professionals.”
Patel, CEO and Founder, stated:
“I witnessed and experienced firsthand the frustrations and pain-points from the lack of communication across companies when it came to compliance. I used my experience to create a modern collaboration platform to help companies create a strong compliance foundation that scales as the company grows in size and complexity. I am thrilled to have the participation of TTV Capital, Felicis, and Walkabout Ventures to help take Themis to the next stage in bridging the gap between innovation and regulation.”
Neil Kapur, Partner at TTV Capital, remarked:
“Neepa and the team at Themis are revolutionizing how risk and compliance departments work. Current methods are far too manual and leave room for human error. Banks, fintechs, and cryptos all need a better solution, and they need it now. We’re excited to be a part of the Themis journey as the company works to enable compliance teams to finally collaborate efficiently and effectively.”
In less than a year, the team has developed “a product that resonates with both established and innovative industries, such as crypto, looking to formalize regulatory standards.”
As mentioned in a release, Themis claims to be “a first of its kind platform providing collaborative and prescriptive workflow solutions for fintechs, banks, and cryptos to create a strong governance and compliance foundation.”
Each thoughtfully designed module “offers an alternative to multiple point solutions, operational difficulties and manual workloads.”
The seamless collaboration between teams and organizations “will help companies accelerate partnerships cross-border and cross-sector.”