Regvolution raises EUR350k in funding
Regvolution is excited to announce that we have successfully raised EUR350k of milestone-based funding from a group of investors led by 70Ventures. The funds will be used to support sales and product development.
The new investment will enable Regvolution to strengthenits reach in the Banking industry, where our clients face increasing market, regulatory and data challenges. Our solution based on machine learning and benchmark data will help our clients to improve their Risk & Finance process efficiency and provide continuous business decision optimization.
The current environment with increasing levels of regulation, availability of technology and standardization in reporting formats creates excellent conditions for a revolution in regulatory implementation. We are positioned and getting ready to catch this wave.
“In a market context marked by COVID-19, it is essential that Banks can look beyond the short-term. Services provided by expensive consulting companies offering services dependent on manual labour, quickly outdated advice, time-based invoicing and information asymmetry are not the future. The resilience of the banking system and our future requires a more long-term approach that only technology can deliver.”
Asif Rajani, Founder/CEO of Regvolution
Regvolution has chosen to establish a company in Lithuania and hire sales talent in Vilnius with the help of 70Ventures acceleration program and is looking to further build its presence across Europe.
“It’s great we succeeded attracting Regvolution and its founder Asif to consider both Lithuania and 70Ventures as partners for further expansion of the business. At 70Ventures we firmly believe in Regvolution’s ability to deliver value added services to the European banking sector starting from Lithuania ” – Gytenis Galkis, Partner at 70Ventures.
Regvolution is a start-up based in London and Vilnius that provides Machine Learning solutions to help banks comply efficiently with Finance & Risk regulation and optimize their decision processes.
70ventures is a revenue accelerator for B2B startups providing funding (from pre-seed to series A) based on revenue milestones. Its acceleration program helps founders to build and scale in-house specialized sales team to fuel a predictable revenue engine.
The Accelerator Fund is implemented via the fund of funds Business Financing Fund financed from the European Regional Development Fund, its manager being Invega and its founders including the Ministry of Economy and Innovation, the Ministry of Finance and Invega. The Business Financing Fund is financed from the EU funds under the Operational Programme for the EU Funds’ Investments in 2014–2020. At present, a total of two accelerator funds and two seed venture capital funds are operating under the instrument Accelerator Funds.
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