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Comentis announced the closing of pre-launch funding round at £200,000

By Joy Dumasia

July 20, 2021

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FinTech, India, funding, Turtlemint, insurtech, True Balance, Mobikwik, Slice, InstamojoComentis, the clinical tech provider, today announced that it closed the pre-launch funding round at £200,000, against a pre-revenue valuation of £2million. Funding has been secured from several senior figures from legal and financial services, with the support of Invest West.

Comentis’ software – the Cognitive Assessment Engine (CAE) – utilises cutting-edge technology to deliver the clinical expertise of renowned mental health experts and psychologists to financial and legal firms during the client risk assessment process. The CAE is a first-of-its-kind financial and legal services market, combining digital and clinical insight to produce an accessible, easy-to-use platform for users to mitigate business risks and better protect clients.

The CAE is hosted in the cloud, and assessments can be accessed via an application programming interface (API) or Comentis’ front-end WebApp. The evidence-based assessment process also provides users with a clear and consistent audit trail to assist them in their regulatory requirements.

The launch of Comentis follows mounting regulatory pressure in the financial and legal services sectors, which requires professionals in these areas to identify better, support and protect vulnerable or reduced cognitive clients.

This includes the Financial Conduct Authority’s (FCA) guidance on the fair treatment of vulnerable customers published in Q1 2021. It is estimated as many as 24 mn UK adults are currently defined as vulnerable. This has since been echoed by the Solicitors Regulation Authority (SRA), confirming that it will consider client vulnerability when looking into reports of solicitor misconduct.

Jonathan Barrett, Co-Founder & CEO of Comentis, comments: “We’re living through challenging times a combination of escalating regulatory pressures and a growing number of customers susceptible to vulnerability or reduced cognition means financial and legal professionals currently have their hands full. With the backing of our investors, Comentis’ clinical and digital-based solution will allow us to deliver solutions to our target markets at pace and scale, enabling firms to better identify and protect ‘at risk’ clients with cutting edge technology.”

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