Two former bankers have joined forces to launch a fintech start-up called Suade. It designs enterprise IT software for banks. The pitch? Banks face new regulations that are complex, costly and inflexible. But their legacy IT systems aren’t up to dealing with it. So they need software written with regulation in mind.
Diana Paredes (ex-Barclays), who set up Suade with Murat Abur (ex-Nomura), told City Insider:
“Our ethos is about embracing regulation. If you build IT software with regulation at the centre of your tool, you have something quite powerful.”
The pair both have parents who worked at the UN, and there’s a social purpose to Suade. Its software aims to make the regulatory process more efficient while helping smaller banks, which are disproportionately hit by regulatory costs. They argue that if smaller banks go out of business, it hurts the real economy. Suade is raising seed capital and next month joins the Microsoft Ventures Accelerator programme. A nice example of digital innovation easing the burden on banks.
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