Integrated risk management platform RiskSmart has launched in the UK following an investment of over £1m from NPIF Maven Equity Finance and other institutional investors.
Founded by Ryan Swann and Michael Aldred, who bring extensive experience in risk management and FinTech services, the startup aims utilise data and AI technology to simplify risk for small to medium businesses that it says have been underserved by complex and expensive platforms, frameworks, and manual processes in the industry.
Ryan Swann, founder of RiskSmart, said: “Our mission is to help businesses succeed through simple, smart, and state-of-the-art risk management. Having been in the industry for many years myself, I recognised a gap in the market to provide risk management in a better way. We’re starting the risk management revolution and empowering risk, compliance and legal teams to digitise their services.”
Swann adds that RiskSmart has ambitious plans for significant growth by the end of 2024 and to secure Gartner recognition within the same time frame.
Dean Cox, senior investment manager at Maven, said: “This is an exciting investment for Maven and NPIF. More established providers of risk management solutions focus on larger companies and are priced accordingly, so there is a clear gap in the market for an ambitious business like RiskSmart to target the underserved SME segment. The team has significant experience in this sector, and we look forward to helping them move a step closer to creating an enterprise product which can be scaled.”
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