Israeli fintech company Cappitech has raised $4 million in a Series A financing round led by 83North and joined by the cofounders of Markit. As part of the deal, Markit cofounder Rony Grushka joins Cappitech's board.
The Herzliya-based company has developed compliance and regulation technology (regtech) for banks, brokers and asset managers to solve their reporting needs. Cappitech's Capptivate platform bridges the gap between financial institutions and the regulators, helping firms meet MiFID II, Emir, Asic, RTS 27, Best Execution and other compliance obligations.
Cappitech will use the funding to accelerate product development, expand regulatory reach and provide business intelligence and big data analytics using AI. The Sales and marketing team will also be boosted, with a particular focus on Europe.
Cappitech CEO Ronen Kertis said, "This significant investment, combined with the experience and insight which our board brings to the business, will enable us to accelerate our plans and take the business to the next level. It will enable us to extend our global reach and add even more functionality to our platform, quickly meeting the growing demands of the market and bringing further value to our customers."
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2018
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