Deutsche Börse and Illuminate Financial Management have co-led a $5 million Series A funding round in RegTek.Solutions, a regulatory reporting solutions provider.

Based in New York, RegTek.Solutions was launched earlier this year as a provider of global regulatory compliance software by Risk Focus. It provides trade reporting solutions and compliance software, enabling firms to improve the quality, transparency and control of regulatory reporting obligations across multiple jurisdictions and asset classes.

The firm also counts 10 of the G15 banks among its client base.

This latest investment will be managed by DB1 Ventures, the corporate venture capital arm of the market infrastructure provider. Holger Wohlenberg, managing director and head of market data and services at Deutsche Börse, and Mark Beeston, managing partner from Illuminate Financial, will become non-executive board members of RegTek.Solutions.

Brian Lynch, CEO of RegTek.Solutions, commented: “Receiving strong financial backing from global exchange Deutsche Börse and capital markets specialists Illuminate Financial serves as a real validation of our offering and prospects for future growth. As the next bottleneck of regulatory deadlines nears and both sell-side and buy-side firms grapple with adhering to the new rules, we are seeing strong demand across the market for outsourced trade reporting tools that provide assurance and transparency around data quality, completeness and accuracy.”

Ankur Kamalia, MD & head of venture portfolio management and DB1 Ventures at Deutsche Börse, added: “In the new regulatory landscape, RegTek.Solutions has established itself as a reliable service provider with deep insight of regulatory topics. While we have already been working with the team for some time to enrich our Regulatory Reporting Hub, the investment will help us deepen our relationship with RegTek.Solutions and enable the firm to service clients required to validate, report and reconcile trade data.”

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