Former UBS Chairman Peter Kurer bought a stake in a Zurich-based regtech startup and will help the firm as an adviser. He believes the solution the company is developing will help save the banking industry a lot of money.
Apiax, a Zurich-based regtech company, raised more than $1.5 million to continue its work to transform complex regulation into digital compliance rules and to manage regulation digitally.
Former UBS Chairman Peter Kurer led the financing round, together with DIventures and Swiss ICT Investor Club, Apiax said. Zuercher Kantonalbank and Tugboat also invested.
Saving Banks Money
The platform consists of digital rule sets, which are kept up to date and verified. Legal and compliance teams are able to manage regulatory updates, review and deploy them.
The rule engine is based on machine-learning practices and is infrastructure independent, running in a private or public cloud.
«Apiax’s founding team has been able to identify and come up with a solution to a major pain point that has plagued the industry for nearly a decade,» said Kurer. «This approach has the potential to save everyone from big banks to startups substantial savings every year.»
New Advisers Join
The money raised will help Apiax develop the product further, prepare the market entrance and complement its team consisting legal and technology experts. Three additions to the supervisory and the advisory boards will help the management in its work:
- Peter Kurer, partner at BLR & Partners AG, chairman of Sunrise and Kein & Aber, former chairman of UBS. He will work as an adviser and take a seat on the advisory board.
- Ralph Mogicato, representative of ICT Investor Club, lecturer at University of Zurich, member of the board of Crealogix, adviser to Unblu and Sonect; former CEO and partner of Synpulse. New member of the board of directors.
- Juerg Steiger, representative of DIventures. A former managing director at UBS and Swiss Re, a startup coach and wealthtech entrepreneur. New member of the board of directors.
