Finnish RegTech company iconicchain, which leverages blockchain to improve compliance, has collected €1m in funding.
The investment was led by OXO Technologies, an investor listed on the Budapest Stock Exchane, with it committing €700,000 to the round, according to a report from Helsinki Fintech Farm. A group of unnamed angel investors suppled the remaining €300,0000.
iconicchain has built a compliance automation solution that digitises compliance processes of the financial sector with blockchain technology. Its iconicSecurities service automates the lifecycle of asset-based securities, providing evaluations and reports to meet compliance requirements.
The iconicChainServer solution is a blockchain-based distributed ledger that can store data, documents and records as needed for compliance.
Helsinki Fintech Farm claims iconicchain experienced net sales revenue of €452,000 in 2020 and achieved an EBITDA of €183,000 and a profit of €138,000.