Regtech start-up Clausematch has raised $5 million in a series A investment round.

Based at Canary Wharf’s Level39 tech workspace in London, Clausematch occupies the regulatory technology space.

Its platform automates impact assessments, streamlines regulatory change management and allows employees to collaborate on thousands of documents.

Index Ventures led the funding round with Talis Capital and SpeedInvest, while former Thomson Reuters CEO Tom Glocer and former Sungard CEO Cristobal Conde also joined it.

Clausematch, currently working with Barclays after coming through its accelerator programme, will use the funds to scale-up and speed up development of its product.

“Our goal is to create a compliance platform that is fully automated, smooth and effortless, that enables people responsible for compliance to be more proactive and strategic, and that increases full transparency and the state of compliance across the board,” said ClauseMatch CEO and co-founder Evgeny Likhoded.

“Equally, we are aiming to bring regulators to the table so that both sides of financial services are connected.”

Jan Hammer, partner at Index Ventures, added: "The regulatory system is broken. Regulators don’t have a full view of how regulation impacts the industry, over-regulating as a result, whilst companies struggle to keep up and stay compliant.

“We believe ClauseMatch can make the entire regulatory ecosystem function much better for both the regulated and the regulator, by providing new, simple to use tools replacing outdated document management and word processing software.”