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Revolut Turns to ClauseMatch to Streamline Compliance

Revolut, a digital-only bank, has signed an agreement with ClauseMatch to adopt its regulatory technology to streamline management of internal policies, controls and regulatory compliance, following a two-month trial period, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The bank has experienced “significant” growth since it was founded three years ago, across 28 markets in Europe, and is preparing to launch in the US, Canada, Australia, New Zealand, Singapore and Japan in the coming months.

Revolut is currently working in multiple jurisdictions with different rules applied to financial services companies. And across these jurisdictions it faces different regulatory challenges.

The company’s CEO and founder Nikolay Storonsky said that one of the main reasons the company was able to scale so fast is due to its approach to compliance.

“Compliance is something that a company cannot get wrong. That’s why it is incredibly important to evaluate the process constantly and innovate where possible. We strongly believe in innovation and technology. We decided to double-down on technology,” Storonsky says.

Revolut reports that it is signing up over 250 businesses and 9,000 customers per day.

Previously, in 2017, ClauseMatch went live with Barclays for policy management and compliance globally.

In other news today (29 January), Revolut unveiled his plan to build a global licensing team that will be responsible for securing banking, trading and credit licenses.

Founded in 2013, Revolut demonstrated its platform at FinovateEurope 2015.