Source: TechCrunch
Banks, investment firms and financial services providers are not known to be bastions of transparency. At least, not to the general public. And, as the last financial crisis laid bare, sometimes not even to the people who operate within them.
Andrew Hedley understands this well. Assessing risk at companies like Vanguard and Prudential in London, his job boiled down to an important task: Understanding where data was going and being used where it was supposed to be — inherent for assessing risk and critically, reducing it.
The help came from, among others, another risk specialist called Matthew Ranson who was working at Deloitte. Together, Ranson and Hedley could see that the problem was not endemic to a specific company but pervaded the entire industry. And it was getting worse. They spotted an opportunity to build a better platform that could help financial companies manage their data for risk and compliance.
The two banded together to start Novatus to create that platform (they’re pictured above, with Ranson on the left). The startup today has some 30 major clients, including MUFG, NatWest Group, Revolut, Wellington, Allspring and Artemis, and it has now raised $40 million to expand its growth into new markets.
“If we think back to the financial crisis, one of the biggest issues was the lack of transparency,” said Hedley. “We had derivatives on derivatives, so we did not understand where there was risk in the financial system.”
Read full article: https://techcrunch.com/2024/09/12/novatus-nabs-40m-to-help-financial-institutions-quell-their-regtech-nightmares/
