A Luxembourg fintech/regtech startup selling solutions to help financial administrative firms automate operations has raised €1m in funding.
Founded in 2019, Cascade offers administrative, compliance and governance solutions for SMEs to replace excel files and costly external applications.
The firm’s technology replaces external applications by automating day-to-day operations carried out by Mancos, AIFMs, PSFs, fiduciaries, law firms, and PE and VC groups. These can include register functions, domiciliation, corporate secretary, transfer agency, compliance, AML and KYC, sales, risk, project management, incorporations and set up, among others.
“This fundraising will allow us to increase our team and not just enhance the existing solution, but to bring new products, making the whole offering more complete’’, said Maciej Waloszyk and Declan O’hannrachain, Cascade co-founders and managing partners.
The oversubscribed funding round was led by the Digital Tech Fund, a joint public-private seed fund supporting ICT startups in Luxembourg managed by Expon Capital. The Luxembourg Business Angel Network (LBAN) also participated, as did Project Rise, a Luxembourg investment initiative providing mentorship and funding to entrepreneurs.
“Cascade’s team is extremely good at execution and solves real pain points faced by customers. We are convinced that its solution is addressing an attractive market opportunity and excited to support the founders throughout the journey”, said Lily Wang, Principal, Expon Capital.
Cascade has garnered considerable attention since it was founded. It won the Young ICT Revelation Company of the Year 2021 and APSI Start-Up Award 2020. It participated in acceleration programs including Fit 4 Start #11 (2021) and EYnovation by EY (2021).
“We had the chance to meet the team during the Fit4Start programme and were amazed at what they had built. We are excited to back this round and to support the team in becoming a major player in their target market”, said Romain Hoffmann, head of investment at LBAN.