London, UK – 17 January 2024
Kore, the first dedicated SaaS solution for end-to-end product management in financial services, has now raised more than £9 million.
Kore’s most recent capital raise was heavily oversubscribed; more than £3.3 million was raised against a target of £2 million from Coutts Investors Club and Wealth Club members. This fuels the company’s rapid growth as both its blue-chip customer base and revenue double in 2023, and two of the top four UK banks join its client roster.
This year, Kore has also won for the third time running a highly competitive grant by Innovate UK for “game changing and commercially viable R&D innovation that can significantly impact the UK economy”. This brings the total grant funding raised by Kore to just under £1m.
In support of its continued expansion, Kore has bolstered its industry-leading team with the appointment of Guy Phillips as CFO. Phillips was previously Director of Finance at British fintech unicorn Marshmallow.
Kore’s sustained momentum in one of the most challenging years ever for startups highlights its resilience and operational strength, and its unique position to capitalise on a significant market opportunity. As regulators around the world require financial institutions to provide a full audit trail for the entire lifecycle of every product they offer, end-to-end RegTech solutions have become a ‘must have’. As a smart, efficient way to store and access information on products and digitise product processes, Kore not only simplifies product governance, but it drives company-wide efficiencies and facilitates cross-departmental collaboration. This fosters innovations and allows for better-informed decisions, ultimately delivering exceptional value to end users.
Further evidence of Kore’s unique value for financial services can be found in the form of its inclusion into the prestigious Barclay’s Rise accelerator programme and in its international partnerships with Capco and Protiviti.
Kore serves a wide range of financial institutions, including major banking groups in Europe, and is poised for expansion into new markets, accelerated by recent investment. The company has been revenue-generating since launch in 2019 and has doubled revenues year-on-year with a recurring business model that enables scalable, profitable growth.
Sabrina Del Prete, CEO of Kore, said: “Kore’s success has come from our practitioner-led R&D and our novel approach to data. Our goal is to use modern digital solutions to put customers at the heart of product management – for financial services to deliver the best possible outcomes for people and businesses. The fantastic support from our investors has helped us achieve this. Together we will have a huge positive impact on the financial services industry and on society as a whole.”
Kore is a digital turn-key solution for product governance for banks, investment managers and insurance companies. Kore’s Product-Management-as-a-Service platform offers a set of specialised digital tools for creating, managing, and monitoring financial products, from ideation to retirement.
With robust controls and checks to facilitate compliance, transparency and collaboration, Kore allows organisations to build a full digital audit trail of product events and decisions, retrievable at the touch of a button.
Kore has a rapidly expanding international customer base.
Isoline Communications for Kore: