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Top 5 RegTech companies in the UK market

By Megha Bhattacharya

January 06, 2021

  • Clausematch
  • UK

RegTech, Centenal, CustomerXPs, Clari5, Dathena, IDfy, Merkle ScienceRegTech is the management of regulatory processes within the financial industry through technology. The main functions of RegTech include regulatory monitoring, reporting, and compliance.

Europe is home to about 140 regtech startups- 30% of those startups specialize in compliance management, 27% focus on know your customer (KYC) and anti-money laundering (AML) automation, and 26% leverage technology and data to provide risk management tools, according to a data provided by XAnge, a Franco-German venture capital firm.

Here are the top RegTech firms in the UK market –

  1. Onfido

Founded in 2012, Onfido is a software company that helps businesses verify people’s identities using a photo-based identity document, a selfie and artificial intelligence (AI) algorithms.

Onfido provides identity verification through its online platform. The company uses manual and automated machine learning (ML) technologies, including optical character recognition and face detection, to compare and cross-reference a person’s facial biometrics with their identity document to prevent fraud.

Recently, Finland-based P2P bitcoin marketplace LocalBitcoins announced a collaboration with Onfido in a bid to scale the integration of the latter’s identity verification technology, thus allowing for secure verification of customer identities.

Onfido powers over 1,500 fintech, banking and marketplace clients globally, including Revolut, Remitly, and Bitstamp.

  1. ComplyAdvantage

London headquartered ComplyAdvantage is a RegTech company that leverages uses AI and ML to help firms manage compliance obligations. The company provides data intelligence to help firms understand the risk of who they’re doing business with while automating compliance and risk processes.

Recently, LEVERIS, a digital banking and lending platform, announced a partnership with ComplyAdvantage in a bid to ensure seamless and AML-compliant onboarding experience for customers. ComplyAdvantage’s suite of financial crime detection tools will be integrated into LEVERIS Digital Bank’s workflow.

Founded in 2014 ComplyAdvantage works with over 500 enterprise clients across 75 countries, including Earthport, a publicly-listed payments company, Azimo, an international money transfer services provider, and Lemon Way, a pan-European payments institution. The company is backed by notable investors including Index Ventures and Balderton Capital, and has four global hubs in London, New York, Cluj-Napoca and Singapore.

  1. TruNarrative

UK-headquartered TruNarrative facilitates multi-jurisdiction customer onboarding, financial crime detection, risk & regulatory compliance. It provides unified decisioning across; Identity Verification, Fraud, eKYC, AML & Account Monitoring via a single API.

Recently, TruNarrative and SEON teamed up to allow the former’s users to utilise SEON’s data for making onboarding decisions. The integration offers TruNarrative customers access to SEON’s email, phone, device intelligence and IP data, enabling them to establish the digital footprint of end-users, building a customer risk score to make automated and manual decisions.

SEON is expected to join the RegTech’s AppStore for allow firms to build the former’s global data and authentication technology into their onboarding and monitoring strategies; delivering fraud detection, increasing customer acquisition, facilitating efficient investigations and lowering operational costs. The RegTech’s customers can build customer journeys and processes for identity verification, fraud, eKYC, eKYB, AML, account and transaction monitoring.

  1. Clausematch

ClauseMatch provides banks and businesses with end-to-end document discovery, authoring, governance, analytics and search platform. CM platform is built using the latest technologies and web standards to deliver granular document authoring, management and workflow collaboration process.

Recently, ClauseMatch announced the results of its 12-month collaboration with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) introducing the auto-generated knowledge graphs and AI-powered tagging of regulatory texts.

UK-based ClauseMatch is a regulatory technology company with a SaaS offering, that enables financial institutions to streamline regulatory change management through effective organisation of internal policies, standards, procedures and controls.

  1. Quantexa

Founded in 2016 in London, Quantexa aims to enable organisations to make better decisions by connecting their internal and external data. Its platform provides a relationship view of internal and external data, including transactions, from multiple data sources at a global scale, to provide a 360-degree view of relationship networks. The company has raised $23.3 million in funding since March 2017.

This year, Quantexa announced that it has closed a Series C round, thus raising an additional $64.7 million. This brings the total funds raised to $90 million.

The recent funding round was led by Evolution Equity Partners, with participation from pre-existing backers Dawn Capital, AlbionVC, and HSBC. New investors British Patient Capital and ABN AMRO Ventures also joined previous investor Accenture Ventures in this round.

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