Maven VCTs have led a funding round in RiskSmart, the Manchester RegTech company, Maven Capital Partners said on 20 January 2025. Maven said the capital will fund product development, team expansion and growth in the UK and internationally. The announcement did not disclose the size of the round.
Maven described RiskSmart as a SaaS risk and compliance platform that uses machine learning and artificial intelligence to generate insights on corporate risk exposure. Founded by former risk managers Ryan Swann and Mike Aldred, the company was built to cut reliance on spreadsheets and manual data entry. Maven said earlier NPIF Maven Equity Finance support backed a summer 2022 MVP launch, and that RiskSmart has since seen a triple-digit revenue increase and added clients including ASOS, Rightmove, Allica Bank and PensionBee.
Swann said: "Partnering with Maven allows us to accelerate our growth trajectory and further enhance the platform, providing even greater value to our current and future customers. We're excited to have the backing of a partner who shares our vision of transforming the risk and compliance landscape."
Jenny Linney, portfolio director at Maven, said most risk-management providers focus on larger companies and that there is "a clear gap in the market" for RiskSmart to serve both the established market and underserved SMEs. She said Maven looks forward to supporting the team as it scales the technology and expands internationally.