A London-based startup which helps companies comply with mounting regulation has grabbed $5m (£3.6m) of funding from a cohort of big-name investors.
Clausematch operates as a collaboration platform in the regulatory technology or "regtech" space, allowing professionals from a firm's compliance, legal, finance, operations and risk departments to collectively create and edit documents.
The business, which already serves names such as Barclays and Italian bank Intesa Sanpaolo, also uses machine learning – a subset of artificial intelligence – to help automate and standardise the filling-out of documents.
It had today received funding in a series A round led by Deliveroo backer Index Ventures, which also included contributions from Speedinvest, Talis Capital, former Thomson Reuters chief executive Tom Glocer and ex-Sungard boss Cristobal Conde.
"Clausematch is now mandated for all global policies and standards for the Barclays Group," said Barclays managing director Steven Burman.
"And we're seeing optimised efficiency, as Clausematch works as one centralised hub to aid accessibility for all staff. Full audit trail, in-built governance around document stages, structured data advantages and quick turnaround for enhancements for Barclays make it very helpful for work with high-risk internal documentation."
Clausematch spent time on Barclays' accelerator programme, and is also being tested through the Financial Conduct Authority (FCA)'s Regulatory Sandbox supporting a top-tier bank with its technology.
Read more:The FCA is looking at how technology can improve regulatory reporting
A screenshot of the Clausematch platform
The business thinks it can help large firms reduce costs, and also demonstrate to regulators that they are doing their best to comply with rules and standards.
"The regulatory system is broken. Regulators dont have a full view of how regulation impacts the industry, over-regulating as a result, whilst companies struggle to keep up and stay compliant," said Index Ventures partner Jan Hammer.
"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function much better for both the regulated and the regulator, by providing new, simple to use tools replacing outdated document management and word processing software."
