Mobile banking startup Revolut revealed on Tuesday that it is working with RegTech firm ClauseMatch to streamline handling internal policies and automate certain aspects of their compliance.
Following a successful trial period, ClauseMatch will help Revolut automate its workflow across the thousands of documents used by compliance, legal, finance, operations and risk departments. The London-based startup, which recently raised a $250 million in Series C funding, believes that while it struggles to keep up and stay compliant, the solution will provide a comprehensive audit trail and ensure compliance with the ever-shifting regulatory landscape.
Revolut has recently received its European banking license as the fintech firm makes preparations for a shift in Europe’s financial services landscape after Brexit.
Once Britain leaves the bloc, non-EU lenders are almost certain to lose passporting rights, which are tied to the UK’s membership of the European single market and allows firms to sell services across the 28-nation region.
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Revolut is also set to hit the Asian market in the first quarter of 2019, and says 50,000 people in the APAC region are already on the waiting list.
Revolut was founded three years ago and claims to be signing up 250 businesses and 9000 customers every day, and projects to reach a 100 million milestone in the next five years. It has experienced significant growth since it was founded in 2015. The firm now has over of three million registered customers compared to less than two million users it announced in June.
The financial technology firm also allows its customers to buy, sell and hold cryptocurrencies.
Commenting on the news, Nikolay Storonsky, Revolut CEO and Founder, said: “Compliance is something that a company cannot get wrong. Some companies build compliance function by hiring hundreds, sometimes thousands, of mature professionals. We decided to double-down on technology, as it’s a scalable approach that will help us as we grow and expand globally. Regulatory technologies such as ClauseMatch does indeed help us achieve it.”
“While many traditional banks are still largely addressing compliance in a manual way, employing thousands of people, FinTechs are making their way forward, quickly adopting new technologies to automate risk and compliance because they have nimble operations and no legacy. Revolut is an excellent example of such a company,” added Evgeny Likhoded, ClauseMatch CEO and Founder.