LONDON, November 1, 2016 /PRNewswire/ --
FundApps, a RegTech startup from London, has officially opened its first US office with a presence in Midtown Manhattan, New York - all without a penny in venture capital or equity funding.
Six years ago, CEO of FundApps and former software developer, Andrew White, grew frustrated with the way financial technology dealt with compliance for institutional investors. FundApps was founded in a South London bedroom in 2010 and now consists of a 26-person team. Two of the ten largest hedge funds in the world use FundApps' services, which monitor over $2tn in client assets every day.
RegTech, or Regulatory Technology, has become an exciting area of growth in the fintech ecosystem over the past couple of years. Several high-profile companies have found innovative ways to embrace compliance and regulation with artificial intelligence or the blockchain, however very few firms get to market or generate revenue.
FundApps stands out from the crowd as one of few profitable companies operating in the RegTech space. Perhaps even more unusually, FundApps is completely bootstrapped, generating millions of pounds of revenue per year having never needed funding rounds or outside investment.
2016 has been a fantastic year for FundApps, with July its busiest ever month for new clients. In the summer, FundApps launched its pioneering 'Rule Commentary' feature, providing in-depth regulatory discussion from FundApps' elite compliance community. More than 50% of FundApps clientele are based in North America, which prompted the move to open a second office in New York.
FundApps has built an enviable reputation over the past six years by bringing state-of-the-art technology and up-to-date legal information together as part of a managed service for clients, who include pension funds, hedge funds, banks and asset managers.
FundApps tackles the three biggest issues many compliance teams face when determining their responsibility to disclose: keeping track of international regulation, interpreting financial regulation correctly and accurately aggregating exposure across funds. It provides automated shareholding disclosure and investment restriction monitoring services to the financial industry.
David Polonsky, who recently relocated from London to New York to lead the opening and expansion of FundApps to the US commented, "FundApps is in the position we are in now because we listen to our clients' needs and understand the direction the market. We have a solution that stands out in the marketplace and we are excited to continue fantastic growth in the largest market for financial services."
Contact: David Polonsky, firstname.lastname@example.org , +1-844-891-9992