RegTech

Regtech Startup Incode Enters Unicorn Club With $220M Series B Funding Round

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Identity verification startup Incode Technologies has raised $220 million in Series B funding round just seven months after a $25 million Series A round. The current round valued Incode at over $1 billion earning it the unicorn status. The regtech startup has raised over $255 million equity funding since inception. The Series B round was led by Softbank and General Atlantic and also witnessed participation from J.P. Morgan, Capital One Ventures, Coinbase Ventures, Silicon Valley CISO Investments as well as existing investors DN Capital, 3L Capital, Framework Ventures and DILA Capital.

Founded in 2015 by Ricardo Amper, San Francisco based Incode is a digital identity company that builds secure, omnichannel biometric identity products for frictionless banking, payment, hospitality and retail experiences.

Regtech Startup Alloy Raises $100M In Series C Funding Led By Lighspeed Venture Partners

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New York based regtech startup Alloy raised $100 million in Series C funding round led by Lightspeed Venture Partners at a valuation of ~1.35 billion. The round also witnessed participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures, bringing the total funding raised by the regtech to over $155 million since inception.

Founded in 2015 by Charles Hearn, Laura Spiekerman and Tommy Nicholas, Alloy provides an identity verification platform used to check frauds and make identity management effective and simple for banks and financial institutions.

Regtech Startup Sentilink Raises $70M In Series B Funding Round Led By Craft Ventures

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San Francisco based identity verification startup Sentilink raised $70 million in Series B funding round led by Craft Ventures, bringing the total amounts of funds raised by the regtech startup to $84 million The round also witnessed with participation from Felicis Ventures, Andreessen Horowitz, NYCA Partners and 9Yards Capital. The funds will enable Sentilink to build its product suite and expand the talent base.

Founded in 2017 by Maxwell Blumenfeld and Naftali Harris, SentiLink is an identity verification technology company that helps in detecting and blocking synthetic identities.

Canadian Bench Raises $60M in Series C Funding Led By Contour Venture Partners

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Vancouver based digital financial solutions startup for small businesses Bench raised $60 million in a Series C funding round led by Contour Venture Partners, along with with Sage Group and Shopify. The round also witnessed participation from existing investors Altos Ventures, Inovia Capital, and Bank of Montreal, bringing the total funds raised by the fintech startup to over $109 million.

Founded in 2012 by Adam Saint, Ian Crosby, Jordan Menashy and Pavel Rodionov, Bench offers an integrated digital financial solutions platform for small businesses spanning banking, cards, payroll, bookkeeping, taxation and advisory services.

Germany Based Financial Crime Fintech Startup Elucidate Secures €2.5M In Pre-Series A Funding Round Led By Frontline Ventures

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Financial crime risk scoring platform Elucidate raised €2.5 million in a pre-Series-A funding round led by Frontline Ventures along with participation from existing investors Seed X Liechtenstein, APEX Ventures, and Big Start Ventures. Elucidate had secured a funding round in July last year brining the total funding now to over €5 million. Elucidate was founded in 2018.

Elucidate’s FinCrime Index is a regulated financial crime risk benchmark and enables financial institutions and public sector entities to quantify, predict and prevent financial crime. The technology employs predictive modelling and machine learning, and is a leap for financial crime risk from manually determined reactions to a new standard for financial crime risk analysis and scoring.

European VC Lakestar and Outward VC Lead Seed Funding Round in ClearGlass Analytics

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Fintech startup ClearGlass Analytics has closed a £2.6 million ($3.6 million) funding round for its platform, which aims to create greater transparency on fees in the long-term savings market, such as pensions and the wider asset management market.

The £2.6 million seed round includes European VC Lakestar and Outward VC, as well as several angels from both the asset management and pension fund worlds. These include Ruston Smith, a pension trustee; Richard Butcher, chair of the PLSA (U.K. pension trade body); Chris Wilcox, former Global Head of JP Morgan Asset Management; and Rob O’Rahilly, Sikander Ilyas and Alex Large, also former JP Morgan employees.

ClearGlass is targeting the £1.5 trillion mature “Defined Benefit” pension schemes market and claims to now work with more than 500 DB pension funds. It will use the funding to expand into the U.K. Defined Contribution pension market, and consolidate its early footprint in Europe and Africa.

Zenith Global Invests $1mn In TaxBuddy In An Early Stage Round

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Mumbai based TaxBuddy recently revealed that it has secured $1 million in early-stage funding from UAE’s fund Zenith Global.

It was launched in 2019 and owned by Mumbai’s SSBA Innovations, the firm aims to offer an online tax advisory service through various subscription-based plans.

Sujit Bangar, Founder at TaxBuddy.com and Finbingo.com, said that for his company, the client always comes first and they’ve developed technology that serves the requirements of their customers. He claims that TaxBuddy is the first Fintech firm in India to automate the tax planning process.

Bangar clarifies that tax compliance and advisory services are different from other types of Fintech services. He considers that the client must feel confident and trust that their compliance requirements are being handled by a reliable service provider. He also said that his company is focused on building that trust and the technology helps them reach out to clients and address their needs.

The TaxBuddy platform delivers various filing services for income-tax purposes and good and services tax (GST), tax-saving advisory, and tax notice management services to individuals, working professionals, and businesses. These services are accessible via the TaxBuddy app and online portal.

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