(L-R) Declan OhAnnrachain and Maciej Waloszyk, co-founders and Managing Partners of Cascade; Credit: Cascade SA

Cascade Lab SA, a Luxembourg-based FinTech / RegTech firm providing administrative, compliance and governance solutions, announced on Monday 18 July 2022 that it has successfully completed a €1 million funding round.

Cascade will use the funds to keep up with the fast growth of its clientele in Luxembourg and internationally, as well as to develop the new features required by broader than expected client categories.

The funding round was oversubscribed and led by the Digital Tech Fund, a joint public-private seed fund managed by Expon Capital that supports ICT startups in Luxembourg, with participation from LBAN, Luxembourg's business angels’ network, and Project Rise, a Luxembourg investment initiative providing mentorship and funding to entrepreneurs. Additional investors in the round included several key industry players.

Cascade's mission is to help small and medium-sized teams and companies from or linked to the financial sector to digitise client-related data, automate numerous day-to-day activities and ensure regulatory protection, thanks to a complete anti-money laundering (AML) / know your customer (KYC) and compliance framework. It replaces dozens of excel files and expensive external applications used by operational teams, thus aiming to ensure better control from a team management point of view. 

Since its inception, Cascade has won several prestigious awards, including Young ICT Revelation Company of the Year 2021 and the APSI Start-Up Award 2020, and joined sought-after acceleration programmes such as Fit4Start #11 (2021) and EYnovation by EY (2021).

Maciej Waloszyk and Declan O’hAnnrachain, co-founders and Managing Partners of Cascade, explained: "This fundraising will allow us to increase our team and not just enhance the existing solution, but to bring new products, making the whole offering more complete".

"Cascade’s team is extremely good at execution and solves real pain points faced by customers", stated Lily Wang, Principal, Expon Capital. "We are convinced that its solution is addressing an attractive market opportunity and excited to support the founders throughout the journey". 

Romain Hoffmann, Head of Investment at LBAN, commented: "We had the chance to meet the team during the Fit4Start programme and were amazed at what they had built. We are excited to back this round and to support the team in becoming a major player in their target market".

"Maciej and Declan have managed to convince us right from the start. It's amazing what they have built so far, and we are looking forward to helping them make Cascade a huge success", added Thibault Britz from Project Rise and founder of Sedai.lu.