Apiax, a Swiss RegTech startup empowering enterprises with digital compliance solutions, today announced its completion of a $6.6 million Series A funding round. The round is co-led by e.ventures, based in the US and Germany, and XAnge, based in France and Germany. The funding round will support Apiax’s global growth plans for its solution for mastering complex regulations digitally.
Apiax was founded to empower companies in major industries to focus on their core business objectives despite regulatory headwinds. The RegTech startup transforms written regulations into binary, machine-readable digital compliance rules to provide everyone with easy access to compliance knowledge and to enable digital solutions to be compliant by design.
The Series A financing builds on an outstanding year for Apiax, which saw a rapidly increasing market momentum. The startup has secured several key clients over the past months. Strategic partnerships have further contributed to Apiax’s strong market position, including leading global intelligence and technology providers within its space.
Apiax was named Startup of the Year at the Swiss FinTech Awards in March 2019 and has recently been recognised as one of the HOT TEN FinTech companies in 2019 by the FinTech50.
Nicolas Blanchard, co-founder of Apiax, said: “In recent months, we have created terrific momentum and a basis for international growth. With e.ventures and XAnge, we have found the perfect partners to boost our global expansion plans.”
The investment will help Apiax accelerate its global growth plans, strengthen product development and continue to build a strong interdisciplinary team of legal and technology experts across all locations. The startup currently concentrates on financial services but aims to provide companies in major industries with its products in the future.
Philip Schoch, co-founder of Apiax, said: “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.”
The two lead investors will support Apiax with industry know-how and access to their extensive networks. e.ventures has been supporting internet and software companies since 1998 with investments into well-known companies such as Sonos, Segment and NGINX. XAnge’s 15+ years of experience in FinTech and SaaS startups, is reflected in investments such as Ledger, fidor Bank, and Odoo.
Andreas Haug, co-founder and Managing Partner of e.ventures, said: “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.”
Dr. Bastian Hinterramskogler, Investment Principal at XAnge, said: “With an exceptional team of technology and regulation experts, Apiax has built a truly exciting ‘compliance operating system’ for enterprises: the combination of an easy-to-integrate software with up-to-date compliance rules empowers Apiax’s customers to automate their cost-intensive compliance processes. First blue-chip customers from the financial industry are impressed by the intuitiveness, flexibility and efficiency gains of the Apiax solution.”
The lead investors were joined by prior investors including Peter Kurer, DIVentures, Swiss ICT Investor Club (SICTIC), Zürcher Kantonalbank and Tugboat.