Insurance specialist RegTech firm REG has secured £2.4 million in its latest funding round.
The funding includes a £1.8 million growth capital facility from Shawbrook Bank, supported by further investment from current shareholder Disruptive Capital Investment, and founder Michael Phair.
The London-based startup will use the money to expand its sales and business development functions as part of a global expansion plan.
It specialises in accelerating due diligence processes within the insurance industry, while enhancing risk management through advanced data analytics and monitoring tools.
Founder and chief executive Phair commented: “This facility not only provides scope for further growth, but is also a validation of what we’ve already achieved.
“Whilst venture debt isn’t readily available on the high street or from our main bankers, fast growth businesses like REG, with high levels of annual reoccurring revenue need this type of support to scale-up and succeed – particularly internationally.”
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