Automated regulatory reporting technology provider Cappitech has raised $4 million in its series A financing led by 83North, a global venture capital firm with more than $800 million under management.
Other investors include IHS Markit co-founders Rony Grushka and Kevin Gould. IHS Markit is a top financial information company listed on Nasdaq and valued at $20 billion. Rony Grushka, an expert business developer and non-executive director at Algomi, joins the Cappitech board.
Cappitech has been self-funded to date. The funds raised will allow the company to put into practice a plan to accelerate product development, expand regulatory reach, provide business intelligence and big data analytics using AI, increase its investment in sales and marketing, and expand its global footprint. The European market will be the number one target as demand for regulatory technology reaches an all-time high.
Cappitech provides compliance solutions for MiFID II, EMIR, ASIC, RTS 27, Best Execution and other regulatory requirements with its CapptivateTM platform, which is used by industry leaders including TRAX, Provinzial NordWest and Swissquote.
The Israel-based company’s international transaction reporting solution serves a wide range of financial institutions, from banks and insurance companies to brokers, asset managers, and corporates. Additionally, Cappitech’s Best Execution product empowers financial institutions with regulatory intelligence from the trade data in their system.
Rony Grushka, investor and new Cappitech board member, commented:
“Financial institutions need highly sophisticated, easy to use tools to help with their regulatory reporting and regulatory insight. Cappitech has successfully distinguished themselves in this new space through their technological innovation and domain expertise. I look forward to being part of this highly talented team of professionals and I am proud of the way Cappitech is reshaping the regulatory landscape with its innovative, user-friendly technology.”
Ronen Kertis, Founder and Chief Executive Officer of Cappitech, said:
“Our vision from the outset has been to become the global market leader in regulatory reporting and compliance intelligence. This significant investment, combined with the experience and insight which our board brings to the business, will enable us to accelerate our plans and take the business to the next level. It will enable us to extend our global reach and add even more functionality to our platform, quickly meeting the growing demands of the market and bringing further value to our customers.”