Behavox announces Series A investment from Hoxton Ventures and Promus Ventures
13th July 2016
Behavox, the Level39 high-growth member which provides compliance surveillance software, has announced its first institutional round of investment today.
Based on our High Growth Space: 24, Behavox has received the Series A round of funding led by London-based Hoxton Ventures and Chicago-based Promus Ventures.
The regtech startup will be using the funds to expand globally, deepen its talent base and introduce a novel collaborative approach to industry-wide compliance.
“Our software is in high demand in the current environment. With the intensity of enforcement increasing after the LIBOR and FX scandals, it is clear that the legacy technologies are not doing their job properly.”
“We know our system is better and more cost effective at protecting institutions; throwing bodies at the compliance problem is just not sustainable”, said CEO Erkin Adylov.
Despite the concern aired over London’s viability as a financial technology ecosystem in the last two weeks, Hussein Kanji, Founder and Partner at Hoxton Ventures said, “Brexit or no Brexit, Behavox is scaling and has the potential to offer a real solution to the financial services industry. It just goes to show the most promising companies will always thrive”.