As published in the Financial Technologist magazine by Harrington Starr.
We are delighted to be part of the top 20 of the 100 most influential fintech companies 2018, voted for by judges from Lloyds Banking Group, LSE, EY, Innovate Finance, Seismic Foundry, CBPE Capital, London Partners, The Realization Group, Baringa and Harrington Starr.
The inaugural listing of the Most Influential FinTech Companies of 2018 brings 100 of the companies set to shape and influence the global FinTech scene in the year ahead. Published in the Financial Technologist, the judges looked for companies who look set to raise the bar, drive innovation and provide real solutions to the problems that lie ahead in a fascinating macro-economic climate.
We were asked why we think FundApps has been nominated by the panel, read on for some key highlights from the Q&A!
Why do you feel that your company has been nominated by the panel?
FundApps has extraordinary product/market fit, an incredible client roster and offers services to automate some of the most complex tasks in financial compliance. These services are used by some of the largest asset managers, hedge funds and pension funds globally. With over 500 compliance professionals using our services daily we have built a reputation for our expertise, regulatory knowledge and support. Our Net Promoter Score is in the 99th percentile for B2B tech companies.
Based in the heart of East London, FundApps stands apart from the crowded FinTech scene, and shines brightly in the burgeoning RegTech scene. With 32 employees from over 22 nationalities, our skills range from infrastructure and computer architecture to financial compliance and marketing. We’re an entirely bootstrapped company that has never taken a penny in angel investment or venture capital. We have been profitable since signing our first client, organically
expanding as we closed new deals and developed new services. We currently monitor over 3 Trillion USD of assets every day, servicing 2 of the world's 10 largest hedge funds and 2 of North America’s 10 largest pension funds.
Financial compliance is a demanding and exacting task. Investment positions held by a company can change multiple times a day, and keeping track of constantly changing financial legislation is a big resource commitment for compliance teams. Traditional software is bereft of features, difficult to maintain, lacking in legal content and often extremely complicated to use. FundApps is unique as we don’t just provide software: we deliver truly managed services, blending regulatory insight with technology. Rather than make all of our clients encode identical financial regulation themselves, we relieve them of that burden and do it for all of them, all at once, whenever legislation is updated.
"In 2018 we continually focus on expanding our client base, increasing awareness of regulatory requirements and how our services can help make compliance simple"
If you have to list five factors that have been/are the biggest asset to your organisation, what would they be and why?
1. People and partnerships
FundApps was founded, built and is continuously improved by people with extensive compliance
experience. By building strong relationships with industry experts such as regulators and lawyers,
FundApps combines its software with up-to-date regulatory analysis to make compliance simple for the financial industry.
2. Dedicated team of compliance experts
Regulatory expertise is at the core of what makes FundApps different. Our dedicated team of compliance experts monitor and interpret the latest in financial regulation, coding it into rules so our clients don’t have to. The decades of compliance experience held by the team at FundApps set us apart from other providers, who are typically just software companies operating in the regulation space.
3. Intuitive, easy-to-use software
Maintaining compliance is a difficult task, and there is no room for software to make things even more complicated. FundApps’ web-based compliance platform provides everything needed to identify and respond to regulatory requirements quickly and easily. All users need is a modern web-browser. And due to the subscription model, a single yearly fee is charged with zero hidden costs.
4. Instant updates
Updates to our compliance platform and the rules are delivered seamlessly to users. We have always been cloud-based, so updates take place instantly in the background. This is a breath of fresh air for our clients, who are typically used to using branched software that would require an armada of consultants and a week of downtime every six months so updates could be deployed
FundApps’ compliance forum is used by our client community to ask questions and share knowledge about the intricacies of regulation. Much of its functionality is about harnessing the power of our user community, e.g. letting users comment on rules and making these comments visible to each user. Similarly, by using the power of crowd-sourced data, there is no longer a need for every client to input the same data.