Kore, a RegTech Software-as-a-Service platform designed to help large financial institutions expedite regulatory compliance, has successfully raised nearly £2.4 million from the angel network Wealth Club under the Enterprise Investment Scheme (EIS) during a heavily oversubscribed funding round.
Kore offers a digital audit trail that integrates all products and functions into a single platform, facilitating regulatory oversight for senior managers, serving as a management tool for specialists, and providing an intuitive product hub for frontline users.
Since its launch in 2019, the company has achieved a remarkable year-on-year revenue growth and anticipates further expansion with the recent implementation of new Consumer Duty rules in the UK. These regulations require firms to demonstrate good outcomes for customers stemming from their sales and marketing activities.
Kore’s executive team brings an extensive background in the financial services sector. CEO Sabrina Del Prete previously held positions as managing director for Coutts Digital and chief digital transformation officer at Williams & Glyn. The chairman, Phil Smith, served as a global managing director of Barclays Wealth Management and was the founder of Embark Group, which was sold to Lloyds for £390 million last year.
Del Prete notes, “Having worked in financial services for more than 30 years, I am well aware of the challenges that new regulations present. Providing a complete audit trail for the entire lifecycle of every financial product offered by a company is a complex task that legacy technology systems struggle to manage.”