Regulatory compliance software provider eflow Global has raised £7m as it looks to strengthen its international footholds.
Based in London, eflow Global works with financial firms by offering software solutions to manage compliance with regulatory requirements.
The firm’s software solutions includes market abuse surveillance, transaction cost analysis, transaction reporting and e-comms surveillance.
The company said its services are currently used by more than 100 financial institutions globally, including Aegon Asset Management and Plus500.
Though founded in 2004, eflow has undergone a new strategy to operate in the modern market. In 2021, the company migrated to a 100% cloud-based software-as-a-service model and is now looking to put the fresh capital towards new product developments and international expansion.
“Increasing scrutiny from global regulators has made it imperative for investment firms to automate costly and time-consuming regulatory obligations,” said Ben Parker, founder and CEO of eflow Global.
“With a recent move to a 100% cloud model, we felt the time was right for us to take additional investment to accelerate growth and product development plans.”
The Series A round was led by Finch Capital and featured participation from Atempo and ScaleUp Group.
“There aren’t many profitable and high-growth businesses in regulation technology and that is a testament to how well the team has done to deliver best-in-class SaaS solutions to marquee customers,” said Aman Ghei, a partner at Finch Capital.
“With our investment, the team will further be able to invest in technology and product development to enable their customers to stay on top of the ever-changing regulatory environment.”