Regtech firm REG secures £2.4m funding for expansion
London-based regtech firm REG, which provides technology-driven risk management solutions for the general insurance industry, has secured £2.4 million in its latest funding round.
The funding includes a £1.8 million growth capital facility from Shawbrook Bank, supported by further investment from current shareholder Disruptive Capital Investment, and founder Michael Phair.
REG will use the investment to support the expansion of sales and business development functions as it plans to extend its services globally.
The regtech firm specialises in accelerating due diligence processes within the insurance industry while enhancing risk management through advanced data analytics and monitoring tools.
Phair, CEO and founder of REG said: “This facility not only provides scope for further growth but is also a validation of what we’ve already achieved. Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue need this type of support to scale-up and succeed – particularly internationally.
"We’re delighted with the interest and support Shawbrook has shown us and it’s a positive thing for the InsurTech/RegTech sectors that specialist banks like this exist in the UK.”
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