Growth equity firm TCV has made a strategic investment in compliance and risk management solution provider AxiomSL.

AxiomSL said that the investment marks its first institutional financing since its establishment in 1991, and will allow it to “accelerate growth”.

TCV, which was set up in 1995, funds growth-stage private and public companies in the technology industry. TCV founding general partner Rick Kimball and TCV principal Nari Ansari will join AxiomSL’s board as part of the deal.

“The data governance and reporting issues that financial institutions face are only increasing in significance and complexity. Simultaneously, cost and compliance pressures are causing firms to automate and standardize their procedures throughout their organizations. AxiomSL’s innovative platform and solution set enables clients to address both challenges in a flexible and transparent way,” Ansari noted.

AxiomSL group CEO Alexander Tsigutkin said: “Partnering with TCV will allow AxiomSL to continue our mission of empowering firms to address increasingly complex, granular, and data-intensive regulatory regimes and requirements.”