London-based RegTech company docStribute announced on Wednesday, February 7, that it has secured £820K (approximately €960k) in a pre-Series A funding round from financial service angels. To date, the company has raised over £1.7M (approximately €1.9M in funding.
The UK company will use the funds to advance its mission of transforming customer communication in financial services.
DocStribute plans to use the funding to boost development and marketing capabilities, increasing customer integration and accelerating business growth.
Christopher Ansara, Founder of docStribute, says, “Securing £820k in pre-Series A funding allows docStribute to continue to redefine financial services communication. Our commitment goes beyond compliance, as it is changing our clients’ relationships with their customers by ensuring crucial financial information is communicated effectively and efficiently.”
“This significant funding milestone follows a notable stride towards industry recognition, as docStribute successfully onboarded a tier 1 bank at the end of 2023. This brings our number of clients to over 30 and means we will be sending out more than 5 million documents a year. Adding such a prominent financial institution underscores the effectiveness of docStribute’s solutions in meeting the evolving needs of the finance sector,” adds Ansara.
docStribute: Harnessing the power of Distributed Ledger Technology (DLT)
Founded in 2019 by Christopher Ansara, docStribute uses Distributed Ledger Technology (DLT) to revolutionise financial institutions and send mandatory or regulated customer communications.
Their proprietary technology utilises “immutable-hyperlinks” to ensure document integrity in line with the Financial Conduct Authority’s (FCA) Durable Medium rule.
These secure links can be shared through various channels, such as email, instant messaging, or SMS, aligning with strict communication guidelines.
It not only safeguards information but also enhances engagement, complying with the FCA’s Consumer Duty regulation introduced in 2023.
Results from its implementation with customers, both large and small, are highly promising, showing elevated levels of engagement and click-through rates, claims the company.
The company’s clients are achieving better outcomes for their customers by improving engagement and understanding.
They achieve this by monitoring engagement in detail, ensuring a continuous cycle of improvement.
This process is central to meeting the requirements of the Consumer Duty regulation.