The London based regulatory technology firm has closed a seed round backed by several private investors to accelerate research and international expansion.
"One of the major pain points any enterprise will face is the inefficient use of labour to manage repetitive, manual and error-prone processes that involve the extraction and checking of unstructured data,"
SmartSearch has received a growth equity investment from Marlin Equity Partners to scale its compliance platform.
"We first met Marlin through an investment process we ran to find a partner; the high degree of interest in our business impressed everyone and Marlin stood out from the crowd. It was clear from our first meeting that Marlin has a deep understanding of our sector, our business model and they had done their homework. They quickly demonstrated how they could add value to our business, and we had a strong meeting of minds with a common goal."
The financing round was led by Mastercard and will support accelerated growth across Europe.
"The RegTech market is growing at 45%+ per annum and with 9,000+ Financial Institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant and this investment will support an accelerated growth plan across Europe. With plans to launch new related services later in 2019 and international expansion in due course, we will be pursuing a Series A financing round in late 2019"
The London RegTech firm has closed its first venture debt funding round to support operations in Europe and Asia.
"Our ambition is to create a world where compliance is transparent and viewed as a business enabler rather than a hindrance. Our clients being global means that we already have a presence in many regions across the world. The funding received from Silicon Valley Bank will help us deliver our solution to financial institutions that are headquartered in Europe, Asia and US."
Maven led the investment to help scale the Edinburgh-based identity management firm.
"We are delighted to be leading the investment in Symphonic Software. The company operates in a high growth sector driven by significant new regulation. Symphonic is targeting further growth in retail banking and other sectors and is well positioned to expand into new markets. We look forward to working with Derick and his team over the coming years to scale the business and deliver on its growth strategy."