NEWS
Foresight VCTs invest £ 3.5 million in Ruleguard
Foresight Group , a listed private equity and infrastructure investment manager , has completed a £ 3.5 million growth equity investment into Ruleguard – a London-based SaaS technology provider supporting financial institution regulatory compliance .
Ruleguard was established by John O ’ Dwyer in 2013 as a software development consultancy . O ’ Dwyer spotted an opportunity in 2015 and developed a software platform to support the newly incoming Client Assets Sourcebook ( CASS ) regulations . Since then , Ruleguard has grown rapidly by winning business with a growing blue-chip customer base and expanded its capabilities to become one of the most competitive GRC platforms in the financial sector .
The global Regulation Technology ( RegTech ) market was valued at US $ 15.9 billion in 2020 and is expected to grow at an annual rate of 24 %. This is driven by increasing regulatory burdens , the need for firms to save costs through automation and the size and complexity of financial institutions and regulated functions .
Ruleguard is uniquely positioned as a specialised platform for regulatory compliance and has broader coverage than point
solution providers while being more focussed than generic enterprise grade risk management platforms . Its platform enables customers to navigate the ever-growing challenges of increasing regulatory compliance requirements with less effort and lower risk , while also enabling them to save money on audit compliance costs .
Gartner says Banking-as-a- Service will hit mainstream adoption within two years
regulatory investments – such as PSD2 in Europe – into revenuegenerating machines .”
Banking-as-a-Service ( BaaS ) will hit mainstream adoption within two years , according to the latest Gartner Hype Cycle for Digital Banking Transformation . Gartner predicts that 30 % of banks with greater than US $ 1 billion in assets will launch BaaS for new revenue by the end of 2024 , but half will not meet targeted revenue expectations .
Jeff Casey , Senior Director Analyst at Gartner , said : “ These banks typically have ambitions to generate and diversify revenue streams , or to a lesser degree , aspire to extend previously sunk
BaaS is one of four technologies that Gartner said have the potential for high levels of transformation in the banking sector and are likely to mature within the next couple of years . The other technologies include chatbots , public cloud for banking and social messaging payments apps . Bank CIOs should consider how key innovations are shaping their industry and prioritise their technology investment strategies accordingly .
BaaS sits at the peak of the Hype Cycle . The technology is gaining traction from both banks and nonbanks aspiring to establish or enhance direct and intermediated revenue streams .
“ Technology innovations like these are driving bank and nonbank competitor activity , influencing customer demand for products and services and shaping regulators ’ actions globally ,” added Casey . www . intelligentfin . tech
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