RegTech Specialist muinmos, has been given another big tick of approval, after attracting investments from two industry heavyweights. Lars Holst, former CEO of CFH Clearing, and serial entrepreneur, Lars Torpe Christoffersen have joined forces to invest in the automated on-boarding organisation which was founded by Remonda Z. Kirketerp-Møller in April 2012.
Muinmos has developed the innovative client onboarding software PASS, that significantly cuts down the time and cost associated with regulatory compliance. The PASS software instantly classifies and categorises a client in accordance with MiFID in the EU or as equivalent in the rest of the world. Which determines whether a financial institution can on-board a client to trade with it in a particular service, product and country whilst clearing the anti-money laundering requirements.
The investment in muinmos by two of the industries biggest names is a glowing endorsement for the company. Lars Holst will also play an active role in muinmos, having been appointed as Chairman of the Board.
Lars Holst’s 20-year career in the FX industry includes several senior executive positions at Saxo Bank and Currenex prior to co-founding CFH in 2008. Mr Hoist was at the helm of CFH for almost a decade, playing a major role in growing the firm into one of the world’s most reputable Prime of Prime brokerages and one of the top interbank STP venues in the world.
Lars Torpe Christoffersen is one of Denmark’s most successful business leaders, having held CEO positions for a number of market-leading Danish telecoms, IT and communications companies including MACH ApS. He is a member of the Investment Committee at Danish private equity fund, Capidea and has invested in over 25 companies over the last 12 years, many of which are FinTech businesses.
Game Changing Moment
Founder of muinmos, Remonda Z. Kirketerp-Møller believes that this is a huge moment in the life of the RegTech Specialist.
“This is a game-changing moment for muinmos. Having the investment from two highly respected and successful business leaders and industry experts provides a strong external endorsement of our success to date and global growth potential. We are a very ambitious business. I am confident that with Lars and Lars involved in muinmos we can achieve great things,” said Remonda Z. Kirketerp-Møller.
Lars Holst believes that muinmos has the potential to dominate the industry in the coming years.
“Remonda and her team have developed algorithms to systematise global regulations and have successfully created a single fully automated platform for client on-boarding. muinmos has an excellent product and some impressive clients – they are now ready to take the business to the next level. The organisation has the potential to dominate the global RegTech space as it has a completely unparalleled product, based on sophisticated algorithmic rule-based Artificial Intelligence, for which there is a huge need from banks and brokers worldwide,” said Mr Holst.
One of the reasons Mt Holst was prepared to invest and join the board was because of his strong relationship with founder Remonda Z. Kirketerp-Møller.
“Remonda was a co-founder of CFH Clearing and, having worked with her previously, I am confident that her vision, expertise and commitment will be a great driver for muinmos’ success. I am looking forward to working with her again and playing a major role in the next phase of her business growth,” he said.
Lars Torpe Christoffersen believes that there is no other product in the world that is able to do what muinmos is able to do with their PASS software.
“muinmos has a unique proposition and a high caliber team. Its PASS software cuts down on-boarding time from weeks or months to just a few seconds, at a fraction of the cost of standard on-boarding processes. It also ensures continuous compliance by notifying the financial institution of any regulatory changes, 24/7. No other product in the world competes with muinmos and, in an environment of increasing regulation, this makes it a hugely attractive investment opportunity,” said Lars Torpe Christoffersen.