London-headquartered Novatus has secured a £4m investment from Maven Venture Capital Trusts (VCTs).
Novatus offers specialised advice to financial services companies to help them comply with regulatory obligations, such as risk, compliance and ESG programmes.
Novatus Transaction Reporting Analysis (TRA), developed by the firm’s RegTech division, allows asset managers and lenders to address transaction reporting reconciliation requirements.
Maven investment director Alan Robertson said: “Novatus represents an excellent opportunity for the Maven VCTs to invest in a profitable business that has delivered impressive year-on-year growth and with a demonstrable track record of supporting leading financial service firms. We can see the significant value that its tech solution offers to clients.”
The investment from Maven will help Novatus to invest further in its team of technical advisers. The firm also intends to scale up its sales and marketing resources to bolster its RegTech offering.
Additionally, the portion of the funding will go towards the firm’s ongoing investment in its TRA tool as it seeks to further accelerate the market penetration.
Novatus partner and co-founder Matthew Ranson said: “Maven’s investment will enable us to capitalise on the significant growth we are seeing in the RegTech market.”
Novatus partner and co-founder Andrew Hedley added: “We are incredibly excited to partner with Maven to continue the company’s rapid growth. From an advisory perspective, these funds will be used to grow the business at scale to ensure we continue providing our existing and new clients with the highest levels of service across our core offerings within compliance, ESG and risk.”
