NPIF Maven Equity Finance invests £250,000 in RegTech firm Risk Smart

Risk Smart is currently developing an integrated risk management platform that will make risk management simpler for SMEs to administer by utilising Machine Learning and Artificial Intelligence technologies. Its solutions will simplify, centralise and digitalise risk management to increase confidence and business resilience.

Manchester based Risk Smart was founded by Ryan Swann and Mike Aldred, both of whom have extensive background in risk, having previously held senior positions in FinTech firms. The business was set up in order to fill a gap in the market with the majority of existing risk management solutions focused on larger enterprise clients. Risk Smart’s platform offers smaller businesses an easy-to-understand, cost-effective, and simple to deploy platform to manage risk, save time and add value.

Funding from NPIF Maven Equity Finance will support the business as it aims to bring its innovative solution to market, with its minimal viable product set for a ‘soft-launch’ this summer.

There are more than 6 million SMEs in the UK, accounting for over 99% of all businesses across the country. The recent COVID-19 pandemic has made many businesses reconsider their current compliance and risk management processes and mitigation strategies, with 71% of SME’s predicting an increase in spend in this area over the next five years.

Maven’s investment in the early stage start-up comes as part of a wider £1.05 million investment in the business, which includes investment from, Ares Asset Management Transit Technologies Ltd, the founders of Think Money Group and a financial commitment from the business.

“This is an exciting investment for Maven and NPIF. More established providers of risk management solutions focus on larger companies and are priced accordingly so there is a clear gap in the market for an ambitious business like Risk Smart to target the underserved SME segment. The team have significant experience in this sector, and we look forward to helping them move a step closer to creating an enterprise product which can be scaled.”

Dean Cox, Senior Investment Director at Maven

“Maven and NPIF’s investment marks a significant moment for Risk Smart as we look to launch our solutions to the wider market. We’re excited for the opportunity this provides and we’re looking forward to seeing the positive impact our business will have on SMEs during this uncertain time, where managing risk is more important than ever. ”

Ryan Swann , Founder at Risk Smart

“NPIF continues to provide crucial funding to Northern businesses across the region, creating impactful change for companies looking to move to the next level of their growth journeys. Through investment, Risk Smart is now ready to bring its service to market, offering an important risk-management tool for small businesses to use. NPIF continues to bring equity financing opportunities to small businesses and driving forward its goal in building a stronger North.”

Sean Hutchinson at the British Business Bank