Distributed Ledger Technology-based regtech docStribute has raised £820,000 from a gaggle of angels in a pre-Series A funding round.
London-based docStribute's proprietary technology uses "immutable-hyperlinks" to ensure document integrity in line with the Financial Conduct Authority’s durable medium rule. These secure links can be shared through various channels - such as email, instant messaging, or SMS - in line with communication guidelines.
The firm recently onboarded a tier 1 bank, bringing its total number of clients to over 30 and meaning it will be sending out more than five million documents a year.
Th latest equity injection - which brings total funding to over £1.7 million - will be used for development and marketing and to accelerate the scale up of the business.
Christopher Ansara, founder, 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."