Wealth Club members have invested in Kore through its Enterprise Investment Scheme (EIS) in an oversubscribed round.
The UK is set for a regulatory earthquake following the FCA decision to introduce Consumer Duty. This regulation directly impacts how firms operate and requires a full audit trail from start to end for every financial product offered.
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Around 50% of firms are predicted to not be ready for the change. This was attributed to it beyond the reach of many legacy systems still present in banks. Failure to prepare will lead to costly fines and reputational damage.
Kore provides a compliant solution which helps financial firms harness complex and fragmented data, collating it together to create a digital audit trail across all products and functions in one place.
Furthermore, Kore is the only industry solution providing true regulatory oversight for senior managers, a cross product management tool for specialists, and an intuitive product hub for frontline users.
It serves a blue-chip customer base, including major banking groups in Europe, and is poised for expansion into new markets later this year. The company has been revenue-generating since launch in 2019 and has also doubled revenues year-on-year with a recurring business model that enables scalable, profitable growth.
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By GlobalDataWealth Club and Kore reaction
Gayle Bowen, head of direct company investments at Wealth Club said: “Kore is an exceptionally promising company. Its technology has become ‘mission critical’ to financial institutions dealing with regulatory change and the company is managed by highly experienced industry leaders who collectively have deep relationships with many leading banks, insurance companies and wealth managers. Sabrina’s vision and insight, combined with impeccable timing, has propelled Kore towards rapid adoption and a fast-growing stream of recurring revenues. A great example of a commercially compelling EIS investment capable of delivering outstanding returns. Wealth Club members were quick to see Kore’s huge potential, as were we.”
Sabrina Del Prete, CEO of Kore said: “Having worked in financial services for more than 30 years I am only too familiar with the challenges new regulation brings. Providing a full audit trail for the entire lifecycle of every financial product a company offers is a very complex task, which legacy technology systems cannot easily cope with.
“The Kore platform solves this issue. It is quick to implement with a light-touch integration, helping our customers stay compliant while significantly streamlining operations and reducing costs.
“We are operating at the forefront of a problem that is unseen by most but affects us all. The fantastic response from Wealth Club clients and the support Wealth Club has provided will enable us to continue our rapid growth, supporting our mission to transform product management in a way that is having a meaningful impact on both the financial services industry and society.”
