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Kore Labs raises £2.4m for financial compliance platform

Kore Labs
Image credit: Korawat photo shoot / Shutterstock

Regtech software platform Kore Labs has raised £2.4m in an oversubscribed round from members of the Wealth Club, an investment service for high-net-worth individuals.

The London-based platform works with financial institutions to optimise regulatory compliance processes. Kore Labs consolidates fragmented data from firms to create a digital audit trail.

Launched in 2019, Kore Labs partners with large banking groups in Europe including NatWest. The company will look to expand its geographical reach off the back of its new funding round.

“Having worked in financial services for more than 30 years I am only too familiar with the challenges new regulation brings,” said Sabrina Del Prete, CEO of Kore.

“Providing a full audit trail for the entire lifecycle of every financial product a company offers is a very complex task, which legacy technology systems cannot easily cope with.

“The Kore platform solves this issue. It is quick to implement with a light-touch integration, helping our customers stay compliant while significantly streamlining operations and reducing costs.”

The investment round managed by the Wealth Club, a broker of tax-efficient investments, was made under the Enterprise Investment Scheme (EIS).

Gayle Bowen, head of direct company investments at Wealth Club, said Kore’s technology has become critical to financial institutions that have to deal with changes in regulation.

“Sabrina’s vision and insight, combined with impeccable timing, has propelled Kore towards rapid adoption and a fast-growing stream of recurring revenues,” Bowen said.

“A great example of a commercially compelling EIS investment capable of delivering outstanding returns. Wealth Club members were quick to see Kore’s huge potential, as were we.”