Mobile banking startup Revolut revealed on Tuesday that it’s working with RegTech agency ClauseMatch to streamline dealing with inner insurance policies and automate sure facets of their compliance.
Following a profitable trial interval, ClauseMatch will assist Revolut automate its workflow throughout the hundreds of paperwork utilized by compliance, authorized, finance, operations and danger departments. The London-based startup, which just lately raised a $250 million in Series C funding, believes that whereas it struggles to maintain up and keep compliant, the answer will present a complete audit path and guarantee compliance with the ever-shifting regulatory panorama.
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Revolut has just lately acquired its European banking license because the fintech agency makes preparations for a shift in Europe’s monetary providers panorama after Brexit.
Once Britain leaves the bloc, non-EU lenders are virtually sure to lose passporting rights, that are tied to the UK’s membership of the European single market and permits companies to promote providers throughout the 28-nation area.
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Revolut can also be set to hit the Asian market within the first quarter of 2019, and says 50,000 individuals within the APAC area are already on the ready record.
Revolut was based three years in the past and claims to be signing up 250 companies and 9000 clients on daily basis, and initiatives to succeed in a 100 million milestone within the subsequent 5 years. It has skilled vital progress because it was based in 2015. The agency now has over of three million registered clients in comparison with lower than two million customers it introduced in June.
The monetary expertise agency additionally permits its clients to purchase, promote and maintain cryptocurrencies.
Commenting on the information, Nikolay Storonsky, Revolut CEO and Founder, stated: “Compliance is one thing that an organization can not get mistaken. Some firms construct compliance perform by hiring a whole bunch, generally hundreds, of mature professionals. We determined to double-down on expertise, because it’s a scalable method that may assist us as we develop and develop globally. Regulatory applied sciences reminiscent of ClauseMatch does certainly assist us obtain it.”
“While many conventional banks are nonetheless largely addressing compliance in a guide approach, using hundreds of individuals, FinTechs are making their approach ahead, shortly adopting new applied sciences to automate danger and compliance as a result of they’ve nimble operations and no legacy. Revolut is a superb instance of such an organization,” added Evgeny Likhoded, ClauseMatch CEO and Founder.