Regtech start-up targets UK market following €800k investment
Customs Window Technologies, a regtech start-up which provides companies with a smart comprehensive system to address customs declarations and associated compliance requirements, has closed a €800,000 seed funding round.
The round, led by private and EIIS investors, with the support of Enterprise Ireland High Potential Start-Up (HPSU) funding, will be used by the company to scale into the UK market.
Customs Window was founded in 2022 by Brian Murphy and Johnny Dunne and is headquartered at NexusUCD in Dublin. Mike Stalley, founder and CEO of Fiscal Reps, a tax compliance software firm sold to Sovos in 2017, is among the private investors and will advise the company on its UK and international strategic growth plans.
Brian Murphy, COO and co-founder, Customs Window Technologies, said: “Customs Window was established partly as a response to Brexit, but also in response to a lack of compliance in the area of customs. The significant and ongoing growth in e-commerce and post-Brexit regulatory changes has put the issue of customs compliance in sharp focus not only here in Ireland but also in the UK and indeed across Europe.
“In addition, what is often forgotten is that a company’s compliance obligations with customs live long after goods have been delivered. Our system addresses the compliance risks that companies face when dealing with customs authorities, removes the complexity out of the customs declaration process and protects customs datasets through time.”
Customs responsibilities in Europe and globally have not only become more complex, with more data and more details required than ever before, but the number of annual declarations has increased significantly. In Ireland alone, the number of declarations has gone from under 2 million in 2020 to over 54 million in 2023 driven by ecommerce, post-Brexit regulations and ever-changing EU regulations.
To address these issues Customs Window has developed a declaration system which uses advanced process automation and artificial intelligence (AI) to simplify and manage the data set required by companies for EU customs declarations. The system not only saves time and money for companies, but it can also reduce the stress experienced by supply chain and compliance managers engaged in the customs declaration process.
Customs Window provides clients, such as e-commerce platforms and logistics companies, with an integrated platform and open API to simplify the customs declaration creation and submission process. This enables clients to increase their declaration clearance rates and at the same time automate their processing of declarations while ensuring effective data management and reporting for compliance and risk management.
The company is a participant in University College Dublin’s inaugural AI Ecosystem Accelerator Programme which is being delivered by NovaUCD in partnership with CeADAR, Ireland’s Centre for AI. It previously secured Enterprise Ireland PSSF (pre-seed start fund) funding of €100,000.
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