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Technology > RegTech

Regtech Firm ComplySci Gets $120M in Funding: Tech Roundup

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What You Need to Know

  • Fresh off the launch of Onramp Invest, the crypto platform for advisors was selected to join Visa’s Fintech Fast Track program.
  • Foreside Financial Group acquired the compliance consulting practice of Golden Bear Consulting Group.
  • The Hearsay for Salesforce managed package launched on Salesforce AppExchange.

Regtech firm ComplySci received a growth capital investment of about $120 million from private equity firm K1 Investment Management, the companies said in a joint announcement Thursday.

ComplySci partners with C-suite teams and in-house compliance, legal and technology professionals to deliver technology-enabled employee compliance solutions for RIAs, broker-dealers, hedge funds, private equity firms, venture capital firms and other businesses across the financial services sector.

“ComplySci will leverage K1′s investment to further build out its platform including existing modules, such as Political Contributions Verification, Senior Managers and Certification Regime, and Compliance Program Management and the recently launched Compliance Control Room and Conflict Checking products, which track firm activities along with employee activities to proactively identify potential conflicts of interest and market abuse through a single integrated solution,” the companies said.

Founded in 2003 by early pioneers in the development of automated compliance management solutions, ComplySci’s platform is now used by over 1,400 customers, including some of the world’s largest financial institutions, it says.

Onramp Invest’s Latest Win is With Visa

Onramp Invest was selected to join Visa’s Fintech Fast Track program in a win that the alternative investment platform for RIAs said “accelerates its integration with Visa and will allow Onramp to more easily leverage the reach, capabilities, and security that Visa’s global payment network offers.”

The announcement follows the recent launch of the Onramp Invest crypto-asset Integration Platform as a Service (iPaaS) solution for advisors, with initial investors including Ritholtz Wealth Management and the first integration partners including Advyzon.

Through Fast Track, Onramp is gaining access to Visa’s “full suite of technology, resources, and partners to expand its footprint in the financial services and technology space,” Onramp said.

The Fast Track program provides startups like Onramp access to Visa’s growing partner network and experts who provide guidance to support and get them up and running in the most efficient way.

Foreside Acquires Golden Bear

Foreside Financial Group acquired the compliance consulting practice of Golden Bear Consulting Group, a boutique regulatory compliance consulting firm based in Newport Beach, California, the firms said in a joint announcement Tuesday.

The acquisition complements Foreside’s private funds practice while also expanding its West Coast presence, according to the companies. Golden Bear’s employees will join Foreside as part of the acquisition and will continue to operate from Southern California. Financial terms were not disclosed.

This represents the seventh acquisition since 2019 for Foreside, which is majority-owned by private equity firm Lovell Minnick, as it continues to add to and strengthen various parts of its business, from consulting services to technology offerings. The other acquisitions were NCS Regulatory Compliance, Compliance Advisory Services, Quasar Distributors, ICSGroup, Capital Markets Compliance and JG Advisory Services.

Foreside, a provider of governance, risk management and compliance service and technology offerings to clients in the global asset and wealth management industry, distributes more than $1 trillion of product via its 17 limited purpose broker-dealers, it says.

Golden Bear, founded in 2015, partners with private equity funds, hedge funds, emerging managers and wealth managers to offer a robust suite of compliance consulting solutions.

Hearsay for Salesforce Launches on Salesforce AppExchange

The Hearsay for Salesforce managed package launched on Salesforce AppExchange.

The offering enables customers to integrate the Hearsay platform with Salesforce to “sync last-mile engagement channels, orchestrate more effective Salesforce workflows, and enrich Salesforce records with advanced embedded capabilities like compliant texting to engage clients and prospects quickly and effectively,” Hearsay said.

The package adds to Hearsay’s extensive Salesforce integration capabilities, including contact and activity connectors that automatically capture and bi-directionally sync last-mile advisor-client engagement data.

Broadridge Collaborates With AWS

Broadridge Financial Solutions released the latest evolution of its Private Market Hub platform, using Amazon Managed Blockchain from Amazon Web Services.

Broadridge’s updated platform now has added connectivity to existing industry tools and technologies to help further automate workflows between front-, middle- and back-office functions, providing a “consistent, secure, real-time view of the data,” it said.

Broadridge is “leveraging blockchain technology to drive further innovation, removing industry friction in workflows and delivering real savings in terms of cost and time, by offering seamless connectivity to critical applications and solutions that industry participants rely on,” according to Eric Bernstein, Broadridge president of Asset Management Solutions.

Refinitiv Chosen by Nomura

Refinitiv Workspace for Wealth Advisors was selected by global financial services group Nomura’s International Wealth Management business, financial market data provider Refinitiv said Wednesday.

The platform will be used as the “strategic platform to drive timely market insights and analytics for its relationship managers and investment advisors across Singapore and Hong Kong,” Refinitiv said.

Refinitiv has invested heavily over the past two years to build out its solutions through strategic acquisitions of companies including Scivantage and the launches of Refinitiv Digital Investor and Refinitiv Workspace for Wealth Advisors.


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