Global success for the seven-year-old regtech from London.
Banking giant Barclays has completed the rollout of regtech startup Clausematch’s services across its entire global workforce.
The rollout is a huge deal for Clausematch, which started working with Barclays back in 2014 as then a six-person startup in the bank’s accelerator program.
Since then the two companies have collaborated over six years to develop a Policy Portal, which includes all Barclays Group policies and standards in a centralised digital reference environment.
Today that can now be accessed by 90,000 Barclays employees around the world.
“We are proud to have established a long-term working relationship with Barclays that’s bringing tangible benefits in an area as complex as financial compliance,” said Clausematch CEO and founder Evgeny Likhoded.
“Our partnership demonstrates the mutual advantages and value to be gained by sharing the technical agility of a startup with the expertise and scale of an established institution like Barclays.”
According to Barclays, the Policy Portal will lead to 25 per cent savings in time and resources when creating, reviewing, approving and publishing policies.
“Back in 2014, Clausematch was a smart and promising small company of just six people looking for the right product-market fit,” said Richard Thompson, Barclays UK head of digital product development, who formally ran the bank’s accelerator.
“We knew that their ideas chimed with Barclays’ digitization goals and that they’d be able to benefit from the experience and mentoring of our business teams.”
Clausematch today has grown to a team of 60, has raised more than $9m in debt and equity funding and is used by organisations including WorldPay, Revolut, Pleo and PensionBee.
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