Web3 compliance company Satschel raises $5.2 million, partners with Assure
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Compliance company Satschel has raised a $5.2 million seed round led by early-stage venture capital firm Brand Foundry Ventures. spokesperson for the startup.
Leveraging Web3 technologies, Satschel helps financial services companies comply with regulations through an automated Compliance Fabric technology that allows investors and customers to get on board quickly while still meeting regulatory standards. according to a release on Tuesday.
“Compliance burdens and costs have increased since the financial crisis, and the evolution of the crypto ecosystem has accelerated the need to improve the speed and accuracy of KYC. [know your customer] and AML [anti-money laundering],” said Andrew Mitchell, founder of Brand Foundry Ventures, in a statement to The Block.
The seed raise comes just days after Satschel announced a partnership with Assure, a special purpose vehicle (SPV) fintech company. Assure’s customers are the first to use Satschel’s Compliance Fabric technology.
“We are excited about Satschel and look forward to seeing their innovative service add immediate value by removing pain points for Assure SPV clients and their investors,” Mitchell said. “The partnership is a significant step forward in the accessibility and quality of private market transactions.”
According to Tuesday’s release, Assure allows customers to structure and close contracts faster. The company has structured and executed more than 8,500 contracts with more than $9 billion under management. Customers include Republic, Forge and Tech Coast Angels, the release states.
“With Assure, we are demonstrating web3’s potential to add value and experience even to off-chain companies and bring these benefits to a traditionally very opaque market,” Satschel founder and chairman Eric Choi said. opinion.
The average deal size of seed-stage projects has fallen for four consecutive months through July before rebounding in August, according to funding data from The Block Research.
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