Zürich-based Apiax, a Fintech firm that transforms complex regulatory requirements into digital compliance rules, has raised $6.6 million through a Series A investment round.
Founded in 2017, Apiax is a Swiss Regtech firm that builds and provides tools to transpose written regulations into binary, machine-readable rules. The digital compliance rules are used to develop new internet-based solutions and products that are “compliant by design.”
Apiax’s system regularly updates and verifies compliance rules, which are consumable through an App. They can also be integrated directly into traditional banking platforms via an easy-to-use API.
Apiax’s proprietary technology helps legal and compliance teams by giving them control and full visibility over their digital rule sets. The company’s systems also helps client advisors serve their customers in a more efficient and compliant manner.
The funding round was led by San Francisco-based VC firm e.ventures and Paris-based VC team XAnge. The company’s existing investors also participated in the round, including Peter Kurer, DIVentures, Swiss ICT Investor Club (SICTIC), Zürcher Kantonalbank and Tugboat.
Apiax’s management is planning to use the capital to fund its “global growth plans,” support the development of its product and build up the company’s staff members.
Co-founder of Apiax, Nicolas Blanchard, stated:
“In recent months, we have created terrific momentum and a basis for international growth. With e.ventures and XAnge, we have found the perfect partners to boost our global expansion plans,”
Andreas Haug, co-founder and managing partner at e.ventures, noted:
“We are impressed by the results Apiax is already delivering and confident that Apiax, with its ‘open compliance platform’ approach, has the best qualifications to establish a comprehensive and highly efficient solution for the fast-growing – but so far highly fragmented – area of compliance.”
