Corlytics picks up €2.1m to help banks avoid fines

Irish financial risk intelligence company Corlytics has picked up €2.1m in a new round of venture funding.

The round was led by the Bank of Ireland Capital Growth Fund, which is managed by Kernel Capital.

The firm previously invested in Corlytics’ €1m seed round in June 2015 and put €1.25m into the new round, according to a filing.

Investment also came from Infinity Capital, which put in €700,000 in December 2016 and payments company Fintrax’s founder Gerard Barry, who placed €76,000 in the business.

The Dublin-based company’s data analytics technology is designed to help banks minimize regulatory breaches and avoid fines.

It claims the number and level of fines have growth exponentially since 2009 posing a substantial risk to financial institutions.

The firm also makes use of predictive risk analytics applications to valuate, benchmark and manage market risk based on a database of global financial fines.

Corlytics serves clients across regulated industries including financial institutions as well as regional and global regulators and legal advisors to financial institutions.

Based in University College Dublin’s NovaUCD innovation centre the company also operates in London, Boston and New York.

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