Cygnetise has joined UK's leading fintech industry body Innovate Finance
The fast-growing Authorised Signatory Management platform, Cygnetise, has joined the UK’s leading fintech industry body, Innovate Finance, as it prepares to scale.
London-based Cygnetise has joined Innovate Finance, the independent body that represents and advances the global fintech community in the UK. The award-winning Cygnetise applies blockchain to transform the process of Authorised Signatory Management for operations and finance departments and is a testament to the flourishing UK tech sector.
Since being founded in 2016, the UK-based corporate blockchain platform has become one of the first to demonstrate the successful real-world application of blockchain to industry problems. Having commercialised its offering and achieved a position to scale, the company has taken up membership to benefit from Innovate Finance’s unique position as the single point of access to promote policy and regulation, talent and skills, business opportunities, and growth, and to further its contributions to the UK’s tech ecosystem.
Already live in over twenty countries globally, the Cygnetise solution enables operations and finance departments to digitally manage and share authorised signatories, in real-time, with their banks and other counterparties, making the process more efficient, transparent, and secure. This significantly reduces the risk of fraud, transforms operations, facilitates business continuity, strengthens governance, dramatically increases efficiency, cuts costs. The platform saves over 90% of the time spent on manual and paper-based tasks.
For banks, the regulators have recently focused on the internal assignment of Authorised Traders on trading floors. Given that the MIFID rules updated in 2018 require the trader's name printed onto each transaction, any trading firm needs to illustrate to the regulatory authorities that the trader has the necessary authorisation. As with the Secretariat duties, both sides of a transaction require access to the mandate handed to the individual trader.
In a recent pre-Series A round, West-coast specialist blockchain VC firm, Bloccelerate, participated with leading fintech angel investors backing Cygnetise, further strengthening the Cygnetise global brand and its position in the enterprise blockchain space. This latest funding will be used to accelerate growth, making it an ideal time to join Innovate Finance with its mission to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators.
Cygnetise CEO, Steve Pomfret said, “Joining the Innovate Finance scale-up community is now perfect timing for us. We have substantiated product/market fit and the world is seeing an increase in appetite for the adoption of innovation. Adding to this, financial regulation is adapting due to enabling technologies such as ours. We look forward to working with Innovate Finance and its membership.”