Corlytics raises €1m in funding with Kernel Capital
18 June 2015 | 0
Kernel Capital has announced a €1 million investment in fintech company Corlytics.
The investment through angel investors, company founders and the Bank of Ireland Seed and Early Stage Fund with co-investors Enterprise Ireland, will lead to the creation of 30 jobs.
Founded in 2013 and based in Dublin, Corlytics has developed a platform for financial institutions to identify avoidable losses and fines – minimising regulatory breaches by using predictive risk analytics applications to evaluate, benchmark and manage market risk.
John Byrne, CEO, Corlytics, said: “We are very excited about Corlytics’ prospects in this new growth market. We are delighted to have a partner like Kernel Capital, who together with Enterprise Ireland have been key in helping us prove our solutions with key initial clients.”
Ger Goold, partner, Kernel Capital, added: “Corlytics is an excellent start-up, developing a novel product which addresses a very large and unmet market need, assisting financial institutions in the difficult task of satisfying regulatory requirements. Kernel Capital through the Bank of Ireland Seed Fund is pleased to support innovative Irish fintech companies like Corlytics as they expand internationally.”
Corlytics has additional offices in London, New York and Boston, and is the main industry data provider referenced in the Bank of England’s Fair and Effective Markets Review which was released earlier this month.