By Oliver Smith on Tuesday 28 May 2019
Clausematch says the debt funding from Silicon Valley Bank will be used to grow its new Singapore operation.
It’s not easy even for the biggest banks to stay on top of the ever-changing rules and regulations which govern them and their industry, let alone resource-strained fintech startups.
Clausematch, launched by Evgeny Likhoded in 2014, is an attempt to fix that issue by creating a kind of Google Docs on steroids to keep track of audit trails and version controls across hundreds of contributors and documents that span thousands of pages.
Today Likhoded unveiled a $2.5m loan package from Silicon Valley Bank which will support the company's growth in Europe and especially Asia where Clausematch just opened a Singapore office to serve clients with a presence in the region.
"ClauseMatch's growth has been driven by the need for a new approach to compliance as financial institutions struggle to navigate complex regulatory environments across countries where they operate,” said Likhoded.
“Our clients being global means that we already have a presence in many regions across the world.”
Clausematch last year raised a $5m equity funding round from star investor Index Ventures and now says 50% of its clients are fintechs.