Apiax, a Holland Fintech member that transforms complex regulatory requirements into digital compliance rules, recently raised a $6.6 million investment. Apiax is planning to use the capital from the Series A round to fund its ‘global growth plans.’ The regtech startup predominately concentrates on financial services but has future ambitions to provide its products to companies in major industries.
Founded in 2017, Zurich-based Apiax provides tools to transpose written regulations into binary rules that are machine-readable. They use an app to build new, internet-based solutions that are ‘compliant by design.’ Their tools can also be directly integrated into traditional banking platforms via an easy-to-use API.
The funding round was led by San Francisco-based VC firm e.ventures and Paris-based VC team XAnge. The company’s existing investors also participated in the round, including Peter Kurer, DIVentures, Swiss ICT Investor Club (SICTIC), Zürcher Kantonalbank and Tugboat.
Philip Schoch, Apiax’s co-founder, says “Our solution is already used by major financial institutions, yet we are just getting started. Now, we are ready to serve even more companies across industries and regions.”
From the investment side, Andreas Haug, the co-founder and Managing Partner of e.ventures added: “We are impressed by the results Apiax is already delivering and confident that Apiax, with its ‘open compliance platform’ approach, has the best qualifications to establish a comprehensive and highly efficient solution for the fast-growing – but so far highly fragmented – area of compliance.”