Fintech risk start-up Corlytics has completed its largest funding push to date, with Kernel Capital upping its investment after leading a €3m round.
Kernel Capital now has a €1.9m stake in Corlytics after a recent €3m funding round, through which the investment arm of Bank of Ireland increased its previous €250,000 bet.
Corlytics is a risk-focused financial intelligence technology company providing banks and financial services firms with software that helps them to identify avoidable losses and fines.
Founded in 2013, the company operates a head office from NovaUCD with other offices in London, New York and Boston. In 2016, it achieved a €1m investment round, which is when Kernel got involved.
The other investors in this round include Infinity Capital, which put in €750,000, with unnamed private investors providing the other €500,000.
Calling Corlytics a world leader in regulatory risk intelligence, Kernel claims the company’s software will prove critical to the next wave of fintech evolution.
“Corlytics’ solution is central to today’s global regulatory risk environment,” said Ger Goold, partner and COO of Kernel.
“We look forward to continuing to support CEO John Byrne and the team as they build on their significant market success to date and continue to scale internationally.”
Corlytics enables a more transparent and stable financial system by delivering regulatory risk intelligence. The company measures, predicts and calculates regulatory outcomes and impact, enabling customers and partners to understand their regulatory position, making more informed decisions.
The company’s client list includes the Financial Conduct Authority, the Bank of England, global regulators and tier one accountancy firms.
Following the investment, Niall Olden (managing partner of Kernel Capital) and Cyril McGuire (CEO of Infinity Capital) have joined the company’s board.