docStribute, a London-based RegTech company, has announced the successful closure of a £820K (approximately €960K) pre-Series A funding round, led by financial service angels. This latest funding brings the company’s total raised capital to over £1.7M (approximately €1.9M), marking a significant step forward in its mission to revolutionize customer communication within the financial services sector.
The funds will be utilized to enhance docStribute’s development and marketing capabilities, aiming to increase customer integration and accelerate the company’s growth. This strategic investment will support docStribute in redefining how financial information is communicated, moving beyond compliance to transform client-customer relationships through effective and efficient information dissemination.
Onboarding Prominent Financial Institutions
Founder Christopher Ansara highlighted the company’s recent achievements, including the successful onboarding of a tier 1 bank at the end of 2023. This addition brings docStribute’s client count to over 30, with the platform set to distribute more than 5 million documents annually. The inclusion of such a significant financial institution underscores the effectiveness and necessity of docStribute’s solutions in meeting the evolving demands of the finance sector.
Harnessing Distributed Ledger Technology for Secure Communication
Founded in 2019 by Christopher Ansara, docStribute leverages Distributed Ledger Technology (DLT) to revolutionize the way financial institutions send mandatory or regulated customer communications. The company’s proprietary technology utilizes “immutable-hyperlinks” to ensure document integrity, in compliance with the Financial Conduct Authority’s (FCA) Durable Medium rule. These secure links can be shared via email, instant messaging, or SMS, adhering to strict communication guidelines and enhancing engagement while complying with the FCA’s Consumer Duty regulation introduced in 2023.
Elevating Customer Engagement and Understanding
docStribute’s implementation has shown promising results, with elevated levels of engagement and click-through rates among customers. By monitoring engagement in detail, the UK RegTech enables its clients to achieve better outcomes for their customers, improving both engagement and understanding. This continuous cycle of improvement is central to meeting the requirements of the Consumer Duty regulation.
With this new round of funding, the startup is poised to further expand its footprint and bring its transformative communication solutions to more customers across Europe and beyond, reinforcing its commitment to revolutionizing the financial services industry.