Novatus Global, a firm based in London, has recently secured $40 million in a Series B funding round. The main worth of this kind of investment is to provide additional support to the company’s endeavors to help financial organizations deal with the challenges faced due to the vast and obscure regulatory framework surrounding the sphere. It was supported by Silversmith Capital Partners and included Maven as the previous investor.
RegTech Solutions’s Growth Requirements
The financial services industry has always faced high demands and strict regulatory requirements. From anti-money laundering (AML) to know-your-customer (KYC) requirements, several rules and regulations are set that influence the overall financial systems for companies to minimize or prevent certain risks. The problem is that these regulations are numerous and complicated hence posing a very big challenge to many institutions when it comes to their implementation.
This is where RegTech solutions such as those provided by Novatus Global are quite helpful. RegTech companies, using the help of modern technologies, artificial intelligence (AI), and machine learning (ML), offer financial institutions tools to apply automation in the compliance field. This minimizes the chances of being found not in compliance and slashes operational expenditure greatly.
Vision of Novatus Global
Novatus Global was established by Andrew Hedley and Matthew Ransom, the company has grown fast to become a key player in the RegTech sector. The two founders have served other financial organizations such as Vanguard and Deloitte, and they have both logistic and risk mitigation capabilities. Their combined expertise has been instrumental in developing Novatus Global’s flagship product, En:ACT.
En:ACT is a SaaS solution geared at assisting financial organizations in handling their data to meet legal demands. It provides a set of powerful instruments for managing data, identifying risks, and preparing reports for supervisors and regulators. What sets En:ACT apart is the ease of adoption of the software as a solution for managing compliance across different jurisdictions in a single platform.
Image Source: Novatus Global
Challenges and Risk Management Capabilities
One of the major challenges that companies experience in the current world is the overwhelming data that needs to be dealt with, particularly due to the many regulatory needs of financial institutions. From transaction details to customer information, financial institutions produce large quantities of data daily. The challenge of making this data accurate, secure, and compliant with legal requirements is not trivial.
Novatus Global’s En:ACT platform has been designed to deal with this challenge because it offers a one-stop solution to data management. This assures compliance and mitigates non-conformities by analyzing data in real-time using AI and ML algorithms. Apart from enabling financial institutions to anticipate regulatory changes and prepare for them, this approach also improves the general risk management of such institutions.
Future Prospects
The availability of fresh funding will enable Novatus Global to meet the increasing market need for RegTech solutions. The strategic plans currently include the intention of the company to continue establishing new facilities in such critical regions as North America and Asia, which are characterized by higher standards of regulation. Moreover, for the new year and the future, Novatus Global plans to allocate resources to research and introduce new and unique products.
Conclusion
A recent funding of $40 million can be considered a major achievement for Novatus Global. The need for better solutions to meet regulatory compliance across the financial sector will remain high due to the increasing complexity of regulations. Through continued advancements in technology and employing a seasoned executive team, Novatus Global is well-positioned to drive the direction of regulatory compliance.
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