ING’s ability to use technology to improve its approach to regulatory compliance was given a boost with the announcement that it would be a multi-million investor in US-based regulatory technology (regtech) company, Ascent.
Using machine learning and natural language processing, Ascent helps companies to build, manage and automate regulatory compliance.
The investment, made via ING Ventures, part of a $19.3 million Series B funding, was done in conjunction with various other companies and investors.
Compliance pressure
CEO of ING Ventures and Chief Innovation Officer Benoit Legrand said ING was keen to support innovative and visionary firms, such as Ascent, which play an essential role in shaping the industry’s future.
“As the regulatory environment becomes increasingly demanding, so is the pressure on firms to remain compliant.”
“To keep up with this ever-changing landscape and help relieve the mounting strain on resources, the financial services sector is continuously looking for more automated, intelligent and cost-effective ways to manage compliance,” he said.
Growth plans
Founded in 2015, and headquartered in Chicago, Ascent plans to use the investment to fuel continued growth of its team, product and brand awareness.