IdentityMind, Digital Identities You Can Trust, today announced that it was named to the RegTech 100 for the second consecutive year. The RegTech 100, announced by RegTech Analyst, a specialist research firm, recognizes pioneering companies transforming compliance, risk management, and cybersecurity.
“We’re honored to be recognized for the second consecutive year as one of the elite RegTech 100,” said Garrett Gafke, President and CEO, IdentityMind. “This serves as further market validation – customer, partner, analyst, industry thought leaders – for our Version 2.0 SaaS-based platform, which builds and maintains digital identities for evaluating risk and automating compliance in digital transactions.”
According to FinTech Global, the RegTech industry has seen huge growth in the last two years as banks and financial institutions grapple with the unrelenting pace of regulatory changes across all jurisdictions. Over $4 billion has been invested in RegTech companies since the beginning of 2016. As a result, this year’s process to identify the leading 100 companies in the RegTech space was even more competitive than last year. A panel of analysts and industry experts voted from a list of 824 companies produced by RegTech Analyst, compared to a list of 416 last year. The regulatory compliance technology finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the compliance function.
Fifty-five new companies entered the RegTech 100 this year. The risk management category saw the biggest increase with an additional 10 companies gaining RegTech 100 status to occupy 47 places on the list, while companies offering solutions that address Markets in Financial Instruments Directive (MiFID) II regulation in Europe saw a 10% increase in their number to take a total of 38 places.
European and North American regulatory compliance technology companies still dominate the RegTech 100 with 60% and 29% of places, respectively. Within Europe, UK companies enhanced the country’s leading position on the list with 30 representatives compared to 26 last year. The emergence of a thriving global RegTech ecosystem has seen companies from another 21 countries make the list, including Ireland, Switzerland, Singapore, India, and Luxembourg.
“The impact of the most innovative RegTech companies will be measured in billions of dollars over the next few years,” according to Mariyan Dimitrov, Head of Research at RegTech Analyst. “RegTech 100 companies offer solutions that enhance processes across the entire compliance function, including onboarding verification, risk management, communications monitoring, information security and reporting by using the latest technologies such as artificial intelligence, blockchain, natural language processing and biometrics.”