Explore the list of top 10 RegTech companies in the UK
RegTech, or regulatory technology, is a rapidly evolving field in financial services. It typically addresses regulatory challenges through innovative technology. Since financial institutions deal with ever-growing regulatory and compliance changes, RegTech firms aid them with the automation of compliance tasks while lowering operational risks. RegTech solutions are typically cloud-enabled, enabling organizations to maintain, manage and back-up data remotely and securely. Besides, the RegTech sector could bring huge opportunities to reinforce trade relations between countries as a recent research by RegTech Associates reveals the advantages of the UK and Ireland as a market for regulatory technology firms.
As RegTech promises to disrupt the regulatory landscape through advanced technologies and solutions, IndustryWired has compiled a list of top 10 UK RegTech companies that are accelerating regulatory processes.
Onfido is a global identity verification and authentication company. The company uses AI-powered technology to validate a user’s ID and then compares it against their facial biometrics. Founded in 2012, Ofinado powers over 1,500 fintech, banking, and marketplace clients globally, helping them onboard more users while lowering risks.
Quantexa is an information technology company that specializes in analytics, data science, and big data. The company’s technology integrates real-time entity resolution with network analytics and AI for vast and incongruent data sets and drive actionable intelligence. It allows companies and institutions to make better decisions from their data. Last July, Quantexa raised US$64.7 million in a Series C funding round to drive hyper-growth in the big data and analytics ecosystem.
ComplyAdvantage is a RegTech company that provides AI-driven financial crime risk data and detection technology. The company leverages AI and machine learning to help firms manage compliance obligations and provides data intelligence to them to understand the risk of their business they are doing with, while automating compliance and risk processes. Recently, ComplyAdvantage received funds of US$50 million in its Series C round to accelerate its products and market expansion.
DueDil, a RegTech platform, is the largest source of free private company information in the UK and Ireland. It enables businesses to benefit from the large datasets, on a platform that runs alongside existing processes to help drive automation and enable more informed decision making. The DueDil Business Information Graph ingests billions of data points a day and surfaces over 270 million connections between companies, directors and shareholders.
TruNarrative is a risk and financial crime management platform. It facilitates multi-jurisdiction customer onboarding, financial crime detection, risk and regulatory compliance. The TruNarrative platform consists of a powerful decision engine that coalesces machine learning with empirical best-in-class rules and scoring that is configurable in readable natural language. Established in 2016, TruNarrative provides unified decisioning for Identity Verification, Fraud, eKYC, AML and Account Monitoring via a single API.
ClauseMatch is a provider of software-as-a-service platform for smart document management. Its award-winning policy management, regulatory change management and compliance platform automates time-intensive tasks, organizes business data and makes collaboration and knowledge-sharing a breeze. ClauseMatch works as a real-time browser-based collaborative document editor containing in its core a detailed workflow, where comments, approvals, and changes are a part of a full audit trail.
Alyne is a B2B RegTech firm offering organisations risk insight capabilities through software as a service. Founded in 2015 with the vision to build technology that is easy to use and simplifies risk management for all organizations, regardless of size. Alyne’s technology helps organisations navigate the complex world of cybersecurity, risk and regulatory compliance without slowing business down.
Ravelin is a smart fraud prevention platform that helps companies stop online payment fraud. The company assesses customer behaviour and transactions using its powerful data science and machine learning technologies. It works closely with merchants to provide extremely accurate fraud detection scores. Ravelin imports a client’s visitor, registration and payment data in real-time, via an API, and inspects data using an AI, identifies and blocks fraudsters, and enables systems to thwarts crimes in the future.
Privitar is an enterprise software company that offers a data privacy platform to safeguard customers’ sensitive personal data and deliver comprehensive data privacy. Privitar products enable organisations to extracts datasets containing sensitive information while preserving privacy or confidentiality. In April 2020, the company completed an US$80 million Series C funding round that enables it to further stimulate the development of its data privacy platform, fuel continued innovation, and support key growth initiatives.
Capnovum is an asset-based services firm that helps clients stay informed and in control of ever more complex regulatory requirements. Its cognitive compliance management platform provides an updated repository of regulations, obligations and regulatory news; that lets financial institutions manage compliance and resource utilisation across jurisdictions. Capnovum eliminates manual work and external spend that traditionally go into producing and disseminating static reports.