RegTech specialist, Muinmos, has attracted investment from Lars Holst, former CEO of CFH Clearing, and Lars Torpe Christoffersen, an entrepreneur.
The firm itself is an automated onboarding organisation that was founded by Remonda Kirketerp-Møller in April 2012.
Holst’s 20-year career in the FX industry includes several senior executive positions at Saxo Bank and Currenex prior to co-founding CFH in 2008. He was at the helm of CFH for almost a decade, with the firm ultimately being sold to PlayTech for $120 million in November 2016. According to a release issued today, Holst will play an active role in Muinmos, having been appointed as chairman of the board.
Christoffersen has held CEO positions for a number of Danish telecoms, IT and communications companies, including Mach Aps. He is a member of the investment committee at Danish private equity fund, Capidea and has invested in more than 25 companies over the last 12 years, many of which are fintech businesses. Christoffersen also currently holds board positions in a number of companies including Banking Circle (Saxo Payments), Youlend, E-supplies and Chronos. He will also serve on the board of muinmos.
Holst comments: “Remonda and her team have developed algorithms to systematise global regulations and have successfully created a single fully automated platform for client onboarding. Muinmos has an excellent product and some impressive clients – they are now ready to take the business to the next level. The organisation has the potential to dominate the global RegTech space as it has a completely unparalleled product, based on sophisticated algorithmic rule-based Artificial Intelligence, for which there is a huge need from banks and brokers worldwide.”
He adds: “Remonda was a co-founder of CFH Clearing and, having worked with her previously, I am confident that her vision, expertise and commitment will be a great driver for Muinmos’ success. I am looking forward to working with her again and playing a major role in the next phase of her business growth.”
Christoffersen comments: “Muinmos has a unique proposition and a high calibre team. Its PASS software cuts down onboarding time from weeks or months to just a few seconds, at a fraction of the cost of standard onboarding processes. It also ensures continuous compliance by notifying the financial institution of any regulatory changes, 24/7. No other product in the world competes with Muinmos and, in an environment of increasing regulation, this makes it a hugely attractive investment opportunity.”
Commenting on the investment, Kirketerp-Møller states: “This is a game changing moment for Muinmos. Having the investment from two highly respected and successful business leaders and industry experts provides a strong external endorsement of our success to date and global growth potential. We are a very ambitious business. I am confident that with Lars and Lars involved in Muinmos, we can achieve great things!”
Also on the board of Muinmos are Ashraf Agha and Michel Paul André. Agha joined as a board member in April 2017 and has worked in the financial sector for over 28 years, including eight years as head of treasury at Saxo Bank, three years as COO of the foreign exchange business at Marex Spectrum, and three years as an executive director and co-founder at CFH, where he was accountable for all operations.
André, meanwhile, is a founding member of the muinmos team with over 22 years’ experience in the financial services industry, including 14 years as CTO at Saxo Bank.