RegTech startup ClauseMatch has raised £1.25m in Seed funding from investors including Speedinvest, an Austria-based fund.

ClauseMatch also drew support from TechStars and angels including Tom Glocer, the former CEO of Thomson Reuters; and Cristobal Conde, CEO of SunGard.

The London-based startup, which provides a SaaS platform for smart document management for banks and enterprises, says it will use the funds to scale within its operational market.

Evgeny Likhoded, CEO and co-founder at ClauseMatch, said the firm’s product offered “unprecedented transparency capabilities, which are crucial for senior compliance officials who are currently facing multiple regulatory challenges”.

Oliver Holle, CEO and founder at Speedinvest commented: “ClauseMatch is one of the exciting RegTech companies which have a great product and a vivid potential to replace the outdated practices by bringing compliance ecosystem to a completely new level of efficiency.

“We are excited to be part of this journey and work together with their excellent team on achieving this vision.”

It’s not the first time Speedinvest has backed UK founded tech startups. In October 2015, it participated in FinTech startup Curve’s $2m Seed round. More recently, the fund participated in Loot’s £2.5m round.

“We are extremely happy to get this support,” added Likhoded. “Having Speedinvest involved in our business is a really important step forward for us as we continue to advance our product to better meet the demands of financial institutions and scale it globally.”

Other RegTech companies to have raised funds in the UK in recent times include VoxSmart, which closed a $7m Series A led by Deepbridge Capital in February, and Regnosys’ $900,000 raise last month.

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