Castle Creek Launchpad Invests in RiskScout, Closing Seed Round
AUSTIN, Texas, July 20, 2023 (Newswire.com) - RiskScout, a leading regulatory technology company specializing in compliance automation, announced today that it has secured its final investment in its seed round from Castle Creek Capital and Launchpad Capital's joint fund backed by community banks.
Castle Creek's decades of experience in operating and investing in community banks combined with Launchpad's knowledge of fintech is a powerful endorsement for RiskScout and the value it creates for smaller financial institutions across the U.S. The teams plan to leverage their networks to amplify RiskScout's mission of promoting compliance efficiencies through state-of-the-art, easy-to-use technology.
"We're excited to have so much support from investors backed by trusted and progressive financial institutions," said CEO and Co-Founder Justin Fischer. "They understand our goal and mission and their backing will help us reach more banks and credit unions looking to accelerate business through modern compliance automation. We look forward to a successful partnership with Launchpad and Castle Creek as we continue to grow our company and create value for main street communities."
"RiskScout's API-based technology helps banks right now with better AML compliance—and it's built to grow with future needs. It can improve operational efficiency today, open up new lines of business over the near-term, and adapt around systemic shifts in the marketplace that will arise over the next five to ten years," said Ryan Gilbert, Founder and General Partner at Launchpad Capital.
This investment marks the close of the current round, where Castle Creek Launchpad joined Alloy Labs, ATX Venture Partners, and the Bankers Helping Bankers Fund to support RiskScout. When asked about what's next, Fischer had this to say: "We're honored to be surrounded by such incredible investors that support and understand community financial institutions. We look forward to delivering on a packed roadmap of new features and value to provide alternatives in a market filled with legacy technology."
About RiskScout:
After decades of developing enterprise software for financial institutions, pioneering cloud banking and infrastructure, and writing regulatory compliance as part of the FFIEC, our team of experts came together to solve a big problem for community financial service compliance.
Financial institutions need to be able to grow their reach and find efficiencies in the back office. RiskScout helps to do both. By providing cloud-based software that streamlines and simplifies compliance and processes, banks and credit unions are able to better serve underbanked businesses and provide more financial services to their communities. By helping financial institutions solve complex compliance challenges with simple solutions, we help local businesses find a community partner they can trust.
Learn more at riskscout.com.
About the Castle Creek Launchpad Fund:
This joint fund, managed by Castle Creek Capital and Launchpad Capital, invests in early stage fintech companies that are transforming the future of financial services through partnerships with regulated financial institutions, including the fund's 34 community bank limited partners.
Learn more at castlecreeklaunchpad.vc
Source: RiskScout
