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US Dominates Global RegTech Market in 2024 with 47% of All Investment Deals
In 2024, the global RegTech industry experienced a 43% decline in deal activity, with total funding dropping to $6.53 billion, a 36% decrease from 2023. The U.S. led the market, securing 303 deals but down from 572 the previous year. The UK and India also saw declines, while India emerged as a noteworthy player with 34 deals. Notably, Vanta secured the largest RegTech deal of the year, raising $150 million to enhance its AI-driven compliance platform, boosting its valuation to $2.45 billion. Despite the downturn, regulatory technology remains crucial for compliance solutions.
OneVest Raises $20M Series B to Revolutionize Wealth Management in WealthTech Sector
WealthTech company OneVest has raised $20 million in a Series B funding round led by Salesforce Ventures, with participation from Allianz Life Ventures, TIAA Ventures, and returning investors like OMERS Ventures and Deloitte Ventures. The funding will enhance OneVest’s modular wealth management platform, designed for financial institutions to modernize their services. Key features include end-to-end solutions, reduced vendor reliance, and hybrid experiences for investors. The new capital will also focus on improving AI capabilities, expanding alternative investment offerings, and diversifying client portfolios. CEO Amar Ahluwalia highlighted the importance of this funding for tackling industry challenges through innovation.
CUBE Launches UK Headquarters and Announces 200 New Jobs as Part of Global Expansion Strategy
CUBE, a leading RegTech firm, has opened its new global headquarters at Tower 42 in London, featuring the RegBrain AI Lab, a significant investment in AI for regulatory advancements. Following substantial growth, CUBE has doubled its revenue and workforce, now supporting over 1,000 clients in 20 countries with around 700 employees. The company plans to create 200 new jobs, with half based in the UK. CEO Ben Richmond emphasized London’s role as a tech hub during the launch. CUBE continues to innovate with solutions like RegPlatform™ Intel to help firms navigate complex regulatory landscapes.
InsureVision Secures $2.7M to Revolutionize Insurance Risk Pricing Using Contextual Driving Data
InsureVision, an InsurTech company specializing in AI-driven vehicle risk assessment, has raised $2.7 million in a seed funding round led by Rethink Ventures, with contributions from Twin Path Ventures and State Farm Ventures. This funding will enhance InsureVision’s innovative “enviromatics” technology, which uses advanced vision transformer technology to analyze video from standard vehicle cameras, providing a comprehensive view of driving environments and behaviors. The investment will help accelerate product development and expand its international market presence, setting new standards in risk assessment for insurers and fleet operators.
Open Banking Gains Momentum: 42% of UK Firms Embrace Innovation to Combat Fraud and Boost Efficiency
A report by Payit, NatWest’s Open Banking service, reveals that 42% of UK businesses are considering Open Banking to improve security and reduce fraud. Challenges in managing sensitive customer data lead 22% of businesses to spend over six hours monthly on data management. While Open Banking offers direct and secure payments, 28% of companies hesitate to adopt it due to a lack of understanding. Additional operational challenges include cash flow issues and slow refund processes. Notably, 90% of firms trust traditional banks over FinTech for secure Open Banking solutions. NatWest emphasizes the efficiency and user experience benefits of its services.