Renowned Web3 compliance firm Satschel has recently announced that it has secured $5.2 million in a seed-funding round led by early-stage VC firm Brand Foundry Ventures.
A Tuesday press release states that Satschel uses web3 technologies to assist financial services organizations to comply with local laws. Satschel’s automated Compliance Fabric technology allows investors and clients to be onboarded quickly while still adhering to regulatory standards.
There is no doubt in observing that with the increasing scrutiny by regulatory bodies around the world, demand for compliance firms is on rise. During an interview with The Block, Brand Foundry Ventures’ founder Andrew Mitchell iterated the same by stating:
“Compliance burdens and costs have ballooned since the financial crisis, and the development of a crypto ecosystem has accelerated the imperative to improve speed and accuracy in KYC [know your customer] and AML [anti-money laundering].”
Satschel partners with Assure
The seed round of funding comes shortly after Satschel announced a partnership with the financial firm Assure for Special Purpose Vehicles (SPVs). The latter’s customers will be the first to consume the former’s Compliance Fabric technology.
“We are excited about Satschel and look forward to seeing their innovative service deliver immediate value by eliminating pain points for Assure SPV customers and their investors,” Mitchell went on to add.
“The partnership represents a major step forward in the accessibility and quality of private market transactions.”
Assure enables clients to structure and close deals more quickly. Over 8,500 deals worth over $9 billion in assets have been structured and closed by the company. According to the press statement, clients include Republic, Forge, and Tech Coast Angels. Commenting on the company’s partnership with Assure, Eric Choi, co-founder and president of satschel stated:
“We are thrilled to partner with Assure, and begin offering private market participants a dramatically improved compliance experience. Our team developed proprietary technology to drive meaningful gains in productivity, accuracy, transparency and overall access to private markets.”