The investment values the business at some £20m.
The company intends to use the funds to accelerate its rollout to UK General Insurance clients, increase functionality and migrate out to key international markets, commencing in the US.
Launched in 2014 by founder and CEO Michael Phair, who will retain a 20% stake in the business, Reg uses data capture and advanced analytics for insurers and intermediaries to manage due diligence and regulatory compliance to deal with counterparty relationships, focus on client revenue enhancement, and mitigate the risk of regulatory failure.
The company offers a comprehensive database of the insurance distribution chain and provides 24/7 Alerts should corporate, financial, sanctions or regulatory details change that could impact risk assessment or regulatory compliance. The platform allows clients to assess and verify broker and counterparty suitability and exchange new Terms of Business Agreements in minutes.
REG currently monitors more than 9,000 companies, and has generated more than 350,000 REG exception alerts for clients, notifying them of anything from a sanctions breach, to a sudden drop in Credit Rating, to a loss of FCA approval for a broker with whom they have a relationship.
It has over 2,300 insurers and intermediaries registered and of the Top 50 brokers, over half are Members.