Cappitech, a leading provider of automated regulatory reporting technology for the financial services industry, has announced that it has secured $4 million in series A financing.
The financing round was led by venture capital firm 83North (formerly Greylock Israel) with participation from Rony Grushka (pictured above) and Kevin Gould, co-founders of Markit. As part of the agreement, Rony Grushka is joining the Cappitech board.
Cappitech, which has been self-funded to date, said that it plans to use the funds to accelerate product development, expand regulatory reach and provide business intelligence and big data analytics using AI. Cappitech will also increase its investment in sales and marketing, expanding its global footprint, particularly across Europe, as demand for high-quality regulatory technology reaches an all-time high.
With increased regulatory requirements being imposed on the financial services industry and hefty fines for non-compliance, an emerging space has developed for innovative leaders to provide compliance solutions that help companies meet MiFID II, EMIR, ASIC, RTS 27, Best Execution and other compliance obligations. Cappitech’s CapptivateTM platform bridges the gap between financial institutions and the regulators. It enables financial institutions to comply in an easy, cost-effective and time efficient way. The organisation’s prestigious client base includes TRAX, Provinzial NordWest and Swissquote.
Cappitech, with its strong financial background coupled with its innovative technology, provides banks, brokers, asset managers, corporates and insurance companies with a single platform, CapptivateTM, to enable them to comply with international transaction reporting obligations. By automating and removing the burden of daily operational tasks, financial institutions and compliance officers can move from focusing on regulatory operations to regulatory oversight. Cappitech also has a Best Execution product to enable financial institutions to gain regulatory intelligence from the trade data which is already in their system.
Rony Grushka, new Cappitech board member and investor commented:
Financial institutions need highly sophisticated, easy to use tools to help with their regulatory reporting and regulatory insight. Cappitech have successfully distinguished themselves in this new space through their technological innovation and domain expertise. I look forward to being part of this highly talented team of professionals and I am proud of the way Cappitech is reshaping the regulatory landscape with its innovative, user friendly technology.
Ronen Kertis, Founder and CEO at Cappitech added:
Our vision from the outset has been to become the global market leader in regulatory reporting and compliance intelligence. This significant investment, combined with the experience and insight which our board brings to the business, will enable us to accelerate our plans and take the business to the next level. It will enable us to extend our global reach and add even more functionality to our platform, quickly meeting the growing demands of the market and bringing further value to our customers.