KOR Financial Completes Series A Financing, Snaps Up LSEG and Adenza Execs for Key Business Roles
KOR, the innovative provider of regulatory solutions for the derivatives market, has closed its Series A investment round led by Mosaik Partners, a San Francisco-based venture capital firm focused on financial technology. Funds will be used to accelerate the deployment of KOR’s CFTC-registered, cloud-native Swap Data Repository (“SDR”) to U.S. markets while enabling global expansion efforts to begin.
KOR’s 100% AWS cloud-based trade repository platform enables participants to benefit from innovations in sub-second actionable analytics on submitted data, on-demand reports of full history, and systemic pattern insights to improve compliance processes and drive operational efficiencies. The market entry timing occurs as the industry seeks outsourcing solutions for common industry challenges and requirements, as well as meeting new challenges such as data accuracy and completeness verification.
KOR was licensed by the CFTC on March 31, 2022, for its Swap Data Repository in all asset classes and for all client segments. This was the first such approval granted by the CFTC since 2014, the first 100% cloud-based SDR, and arrived eight months ahead of a December 2022 critical compliance deadline in the U.S.
In conjunction with the financing, KOR is pleased to announce two key additions to the leadership team, Tom Wieczorek, as KOR’s new Chief Product Officer and John Buchenal as KOR’s new Director of Partnerships and Industry Relations. Wieczorek is a former Managing Director of products for the Regulatory Reporting and Post-Trade Operations Platform at the London Stock Exchange Group. Buchenal brings 25 years of experience in finance and fintech, with prior roles at Adenza, Omgeo, Traiana, and Tradeweb.
Howard Mergelkamp, Co-Founder and Managing Partner at Mosaik Partners, will join KOR’s Advisory Committee in connection with the financing round. “We are excited to partner with KOR because the leadership team’s experience and expertise in this space are unparalleled. KOR is modernizing trade reporting through a SaaS cloud-based delivery business model, providing value-added analytics that will improve clients’ data and significantly reduce lengthy, inefficient and costly manual processes that are the current industry standard,” Mergelkamp said.
KOR is currently on track to meet its summer production target. With this round of funding KOR’s Founder and CEO, Jonathan Thursby, envisions accelerated growth for KOR. “We’re on target to move our Reporting-as-a-Service (all-in-one) platform from the external testing phase into production this summer, supporting CFTC swaps data reporting.”
U.S.-based KOR Financial is a fintech company that develops future-minded technology innovations tailored specifically for derivatives markets. KOR is CFTC-licensed and the first independent Swap Data Repository (“SDR”), delivering solutions that enable market participants to meet reporting mandates for OTC derivative trades and lifecycle events. KOR provides a Reporting-as-a-Service (RaaS) offering to complement its SDR, which together replace many common reporting functions and solve numerous systemic reporting challenges. The KOR team comprises former trade repository heads, SMEs and technology pioneers, creating the first intelligent transactional derivatives platform.
Founded by industry operating executives in 2011, Mosaik Partners invests in early-stage B2B fintech companies attacking pain points in commerce and financial services. Mosaik actively leverages its operating experience to provide promising entrepreneurs with the resources and know-how they need to achieve success. The firm has made investments in the payments, software, capital markets technology, regulatory technology and AI / big data sectors. Based in San Francisco, the team has a collective 80+ years of operating and investing experience in the financial technology sector. More information can be found at www.mosaikpartners.com.