London-based RegTech startup docStribute secures $1M in pre-Series A funding to accelerate growth
London-based startup called docStribute has recently secured $1 million (£820k) in Pre-Series A funding from financial service angels. The latest funding brings the total investment in the company to £1.7 million, marking a significant milestone for the company.
With this financial boost, docStribute aims to bolster its development and marketing efforts. The goal is to improve customer integration and ramp up business expansion. Founded by Christopher Ansara, the company specializes in leveraging Distributed Ledger Technology (DLT) to ensure the integrity of financial services customer communications, as mandated by FCA guidelines.
docStribute’s innovative approach allows it to communicate with customers across various channels while adhering to regulatory standards. By employing “immutable-hyperlinks” powered by DLT, the company ensures document integrity and compliance with FCA’s Durable Medium rule.
The company’s focus is on enhancing the delivery and readership of regulated customer communications, aligning with the FCA’s Consumer Duty regulation. Recognized for its innovation, docStribute received the Innovate UK Smart Grant in 2020.
According to Ansara, the feedback from docStribute’s implementations with clients has been promising, with increased engagement and click-through rates observed. By improving engagement and understanding, docStribute helps its clients deliver better outcomes for their customers, in line with the Consumer Duty regulation.
“Securing £820k in pre-Series A funding allows docStribute to continue to redefine financial services communication. Our commitment goes beyond compliance, as it is changing our clients’ relationships with their customers by ensuring crucial financial information is communicated effectively and efficiently,” Ansara said in a statement.
By incorporating DLT technology, docStribute not only meets regulatory requirements but also builds trust between financial institutions and their clients while delivering cost savings.
Ansara expressed his excitement about the funding, highlighting docStribute’s commitment to transforming financial services communication. He also noted the company’s recent milestone of onboarding a tier 1 bank, bringing its total number of clients to over 30 and its document output to more than 5 million per year. This achievement underscores the effectiveness of docStribute’s solutions in meeting the evolving needs of the finance sector.
“This significant funding milestone follows a notable stride towards industry recognition, as docStribute successfully onboarded a tier 1 bank at the end of 2023. This brings our number of clients to over 30 and means we will be sending out more than 5 million documents a year. Adding such a prominent financial institution underscores the effectiveness of docStribute’s solutions in meeting the evolving needs of the finance sector.”