As 2017 comes to a close it’s time to cast our minds back over a landmark year for the company. We took major steps forward and made remarkable progress in many areas.
2017 saw the rise of Regtech and Fintech, with financial services and companies embracing regulatory technology on an unprecedented scale to revolutionise compliance. ClauseMatch was at the forefront of this trend. According to recent research by Thomson Reuters, more than a third of financial firms continue to spend at least a whole day every week tracking and analysing regulatory change. It is resource inefficient and wastes money – and involves high risk. That’s why RegTech is gaining recognition across the financial industry around the world, and why throughout the year ClauseMatch has been working on our platform to help banks streamline policy management and compliance.
Spring 2017 was the major turning point for ClauseMatch. On March 29th our smart document management platform officially went live at Barclays Barclays Bank, transforming the way the dusty old tradition industry works with documentation and integrating with the bank’s internal platform. Beginning with an initial 300 users, over 1500 have now on-boarded the platform. A top tier bank then tasked ClauseMatch to develop the platform further, creating data lineage between regulations and internal policies.
On June 29 we were delighted to announce that we closed our official seed investment round having raised £1.25 million. Austria-based early-stage venture capital fund Speedinvest joined SparkLabs Global Ventures, TechStars, Tom Glocer (former CEO of Thomson Reuters) and Cristobal Conde (former CEO SunGard) in investing in ClauseMatch. With the funding in place, we’re expanding our already growing team, adding more members to our product team and launching a serious sales and marketing offensive.
Throughout the year we have continued to develop our next-generation policy management service, bridging the gap between internal policies and regulatory data. With constant regulatory changes and requirement to improve conduct, governance and control environments in financial institutions, it has become a challenge for the industry to keep up with the changes to internal governance documentation on continuous basis. We are bridging this gap by using technology to automate impact assessment and speed up the implementation of regulatory change. ClauseMatch is rapidly becoming acknowledged as the company at the epicentre of RegTech thought.
At FIMA on November 2nd we announced the launch of our combined next-generation policy management service with JWG which reduces financial institutions regulatory gap analysis by 85% by linking regulatory obligations to internal policies in a cost-effective, automated and auditable fashion. Born out of the 2-day session of the FCA TechSprint, where our unique solution was twice commended by the industry, the two firms brought together JWG’s semantic regulatory platform, RegDelta, with ClauseMatch’s document collaboration platform. The combined platforms facilitate a streamlined response to regulatory updates for financial institutions by performing gap analysis between their policies and regulatory obligations.
The first ClauseMatch event on November 23, “Modern governance: how RegTech startups are leading the way,” gathered the leading Regtechs, representatives of global banks, the Big 4 and the FCA. We had some fun too. The event received very positive feedback from participants.
To round off a successful year, in December ClauseMatch’s proposal for a RegTech ecosystem developed for Barclays was one of 18 which has made the final cut for inclusion in the FCA’s pioneering sandbox program, out of 61 third-round submissions. The FCA sandbox project was conceived to provide a safe space for firms to test innovative products, services or business models in a live user environment. We are honoured to have received this recognition from the FCA, one of the most innovative regulators in the world.
We have been recognised by several awards and rating lists this year: ClauseMatch was included in RegTech global 100, got into the final of Spotlight awards and the Barclays enterprise awards. The summer and the autumn were full of events and activities such as Techcrunch disrupt in San Francisco, Singapore Compliance and Transparency Week, RegTech Summit Europe in London.
2017 has been a high growth year for ClauseMatch in every sense. We are always developing our product and adding new features, leading the pack in innovation. ClauseMatch has been acclaimed by Dow Jones this year as one of ‘the top 10 RegTech companies to watch,’ in a poll of top independent financial industry experts. Our seed round achievements drew the attention of TechCrunch, who wrote a feature on the Speedinvest investment. Between December 2016 and December 2017 our team has expanded from twelve people to over twenty-five. Thankfully we are now installed in our larger offices in the High Growth Space at Level39.
2017 was the year of RegTech – and the year of ClauseMatch in RegTech. In 2018 ClauseMatch will continue to scale new heights in expansion and innovation.
Outlook into 2018
With new regulations coming into force in January 2018 and Brexit looming large on the horizon, RegTech is going to play a more prominent role in compliance and regulation than ever before. Currently, the EU sits at the global epicentre of structural commercial change and transformative financial regulatory implementation. The U.S. in stark contrast, is pulling mightily in the opposite direction with strong anti-regulatory rhetoric. The situation presents unprecedented challenges for global financial firms, which must manage a single enterprise under very different international standards and allow for divergent jurisdictional regimes.
Here at ClauseMatch we are ready for that challenge. We are getting ready to break into the US and Asian markets, where compliance is increasingly a hot topic. We look forward to closing the next investment round, and surpassing our previous targets. Last but not least, we will keep evolving and growing the ClauseMatch product so that it is always ready and up to the minute, to take firms into the future of compliance.
Wishing you a peaceful, safe holiday, and all the best for the New Year.
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