Estonian risk management platform Complok raised €345K
Estonian risk management platform Complok raised €345K in a pre-seed round. Estonian Change Ventures and business angels invested €232K. Taavi Tamkivi (the CEO of Salv and a member of the Estonian Founders Society), Andres Mellik (a co-founder of the platform SpeakTX), Triin Kask (a co-founder at application Soulie, and a board member of Estonian Founders Society) participated in the deal.
In addition, the startup secured $120K from US-based accelerator Techstars. Complok joined one of its acceleration programs ABN AMRO and Techstars Future of Finance. The program started on September 11, continues until December 2023, and takes place in Amsterdam. The accelerator gave investment in two parts - $20K as venture investments and $100K as convertible notes.
Founded in Tallinn in 2020 by Mari-Liis Kurg and Maarja-Liisa Soe, Complok develops a compliance risk management platform for fintech and banks. Complok platform manages and tackles risks for the compliance teams, and it allows them to automate their workflow. Among the risks can be financial crime, enterprise-wide risk assessment, general data protection regulation (GDPR), cyber security, and others. The platform also enables the customer to add his risks. The customer fills in all the necessary information and receives a dashboard that shows live data about the risks.
For example, the company can evaluate whether its customer's beneficial owner is a politically exposed person. The compliance team has to select a correspondent scenario on the platform, enter the owner's name, indicate what type of financial crime risk it poses, etc. In the end, the company can generate a report, based on the provided data. If the risks are high, the company establishes a compliance monitoring plan.
Currently, Complok is testing the Minimum Viable Product (MVP) version of the solution. The startup also plans to start a seed round to enter the Amsterdam and UK markets.
Until April 2023, Complok offered online anti-money laundering training, but in March 2023, the company decided to pivot due to the difficulty of scaling its e-learning service. According to the startup, a new business model is more scalable globally. Complok has launched a pilot with five customers, and soon it will start working with other fintechs too.
Established in Tallinn in 2017 by Andris Berzins, Rait Ojasaar, and Yrjö Ojasaar, Change Ventures is an Estonian venture capital firm that backs pre-seed and seed-stage Baltic startups. Change Ventures has invested in over 30 startups. In May 2023, it launched a €20M Fund III to double down on pre-seed investing. The initial ticket size per startup is between €100K and €500K.
