Risk management platform Complok raises €50K from Tenity Incubation Fund
Estonian risk management platform Complok has raised €50K in a convertible loan from Swiss-based Tenity Incubation Fund II. The actual terms and conditions of the convertible loan agreement will be disclosed after the closing of the equity round. Complok has also received an offer from Tenity for a potential follow-on investment of up to €250K.
The convertible loan is part of the New Nordics Challengers accelerator program, organized by Tenity and the Danish hub Copenhagen Fintech. The program, based in Tallinn and Copenhagen, started on August 26 and will end in the first week of December 2024. The cohort consists of ten pre-seed fintechs, selected from more than 200 applications. Complok was the only participant from the Baltic countries.
During the program, the startups will receive training, coaching, and mentoring from Tenity and work on topics such as refining the value proposition, mastering prototyping, fundraising, marketing and sales, achieving product-market fit, and others.
Founded in Tallinn in 2020 by Mari-Liis Kurg and Maarja-Liisa Soe, Complok has developed a compliance risk management platform for fintechs and banks. The company's solution manages and addresses risks for the compliance teams, and allows them to automate their workflow. The risks include financial crime, enterprise-wide risk assessment, General Data Protection Regulation (GDPR), and cybersecurity. The platform also allows users to add their risks. They have to fill in all the necessary information and get a dashboard that shows live data on the risks.
Financial firms can assess whether the beneficial owner of the client is a politically exposed person. The compliance team selects an appropriate scenario on the platform, enters the name of the owner, indicates what type of financial crime risk they pose, and so on. Companies can generate a report, based on the data provided. If the risks are high, they create a compliance monitoring plan.
Founded in Zurich in 2015, Tenity is an investment platform that backs fintech startups and provides innovation services to large companies. It runs incubation programs in Zurich, Madrid, Singapore, and Tallinn. Tenity has grown out of the Swiss stock exchange SIX. Zurich-based financial services provider UBS is a major investor in the fund.
