REGTICK, a Belfast-based tech company that has developed a real-time governance, risk and compliance SaaS platform for the financial services, health and insurance sectors has secured £1M in a seed funding round which will support plans to create 30 new jobs.
The investment has been made by Newry businessman, Tom O’Gorman, who has extensive corporate leadership expertise and will be used to build on the platform’s features, including its real-time Risk Management and Analytics functionality and to facilitate research and development as Regtick builds its international customer base.
Co-founded by Gerry Murtagh and Gary Lyons both from Northern Ireland Regtick creates a simple, clear path for organisations to comply with complex regulations, reducing costs as well as increasing confidence and transparency that regulations have been met.
Designed for organisations with distributed teams, the platform enables people to work collaboratively on complex tasks, allowing team members across the globe, inside or outside the office, to share best practice and to reduce work effort.
Tom O’Gorman who has joined Regtick’s Board as Chairman said: “Regtick is a really exciting solution to address an increasing problem in a rapidly growing market sector. As well as traditional banks, trusts and fund management, the Regtick solution provides new digital banks and crypto services with an ‘out of the box’ set of tasks to follow to evidence compliance to regulators. The platform is another example of how Northern Ireland’s connected innovation ecosystem enables entrepreneurs to incubate and grow successful knowledge-based companies. I’m very much looking forward to helping Regtick scale to the next level and to create a pathway for the wider Northern Ireland Regtech ecosystem.”
Gary Lyons, Regtick’s Chief Executive Officer said: “We are delighted to have secured Tom’s investment which will allow Regtick to create jobs, build out our tech team and develop exciting new products for our clients. Not only is Tom’s investment a key to our sustained growth but his appointment as Chairman brings considerable business acumen and experience to our management team. As a Northern Ireland based company, we are also grateful for the support and guidance from TechStartNI, Invest NI and our legal team at Shoosmiths in our journey so far. We now look forward to accelerating our discussions with customers in our target global export markets and we are very much looking forward to exporting Regtick’s SaaS platform across the world stage.”
Gerry Murtagh, Regtick’s Chief Technology Officer added: “Having consulted to many of the world’s leading financial institutions, I have seen the need for the Regtick Platform to solve common regulatory challenges. I’m pleased that we will seed and grow Regtick from Northern Ireland and this investment allows us to simplify the compliance burden for our customers as well as help organisations recognise new regulations in environmental, social, governance, diversity, equity and inclusion as a competitive advantage to embrace.”