Constantly evolving federal regulations and different rules in every state can make regulatory compliance a costly burden for mortgage lenders.
Azimuth GRC — a “regtech” company that’s out to revolutionize regulatory compliance by automating manual processes — has caught the eye of venture capital investors including Rock Ventures.
Atlanta-based Azimuth GRC claims it’s the only company that’s codified every state and federal law on one platform. It’s developed a software product, VALIDATOR, that runs daily automated tests of entire loan portfolios to determine compliance with applicable laws and regulations.
Last fall, the Azimuth GRC was one of 27 early stage companies pitching at Venture Atlanta 2020. Now, the company says a Series A funding round announced in August has grown to $6.3 million with the addition of Detroit Venture Partners, the venture capital arm of Rock Ventures.
The Series A funding round was announced this summer and led by Mosaik Partners, a San Francisco-based venture capital firm focused on fintech. Mosaik partner John Katzenmeyer joined Azimuth GRC’s board of directors, and Azimuth GRC also announced the addition of Stephen Garrett as chief technology officer and Kimberly Redd as vice president, product management.
Azimuth GRC founder and CEO Rohin Tagra has more than 20 years of experience in financial services as an executive with Bank of America, Black Knight Financial Services, and JPMorgan Chase.
In announcing the addition of Detroit Venture Partners to its Series A funding raise, Tagra said 2021 “has been our year — from bringing on investors with the expertise in regtech and mortgage to securing a new office space and a projected revenue growth of 300 percent.”