The startup released its smart task management platform aimed at automating and improving business processes.
Photo: The startup hosted in the LHoFT was launched in January 2019 by two Irish childhood friends / Credits © Modus3
Luxembourg fintech Modus3 has launched its M3-platform dedicated to improving the business processes of regulated companies.
The AI private cloud and on premise-based software automates, standardizes and monitors daily routine tasks, including document management, invoicing, legal and compliance processes.
For Darren Douglas, the co-founder and CEO of the startup, the platform will help companies to reduce manual and time intensive business processes, organizational barriers and bottlenecks, while monitoring regulatory compliance and governance requirements in real time.
“We identified that task management and visibility was key, especially with newly established remote working environments,” Douglas explains. “As the market is flooded with generic and restrictive softwares, we knew that building our own proprietary process engine was key to providing our clients with the agility they need to build up the M3 platform their way as their business evolves and changes”.
Tackling regulatory issues
Modus3 already serves three fund and asset managers in Luxembourg as long-term partners. Its founders are now working on a second pillar of services, with new functionalities dedicated to regulatory information.
The features under development will provide automatic data feeds on regulation issues, including the latest updates from finance regulators, such as Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
“When regulators post new publications on their website, the information will directly flow into our platform,” Darren Douglas details. “Regulations and internal processes can change frequently and clients on the M3 platform will be able to adapt to these changes quickly”. Updates are expected to be implemented in the coming months.
The startup hosted in the LHoFT was launched in January 2019 by two Irish childhood friends, Douglas who operates in Luxembourg, and Graham White who lives and works in Canada.
A few months after its launch, the company faced a setback that called its viability into question. The IT team that was hired to build the solution delivered a prototype that failed to meet the expectations.
Both founders decided to review their business model and refocus on all production flows. They also recruited a new team of developers, led by Dattaraj Devane, the recently appointed Chief Technology Officer, whose “role was pivotal to achieving Modus3 goals,” Douglas adds.