HEXANIKA is an award-winning RegTech company that announced its funding campaign in partnership with Kevin O’Leary-backed StartEngine.
HEXANIKA has announced the launch of its equity crowdfunding campaign in partnership with StartEngine, the leading equity crowdfunding platform in the U.S HEXANIKA, an emerging RegTech startup is helping banks and financial institutions to solve the $400 Billion issue of compliance-related human errors.
Banks have more than information at their fingertips; they also have colossal management and regulatory compliance tasks on their hands. Unfortunately, the cost of data management and compliance is often so burdensome on small institutions that these businesses are forced to make tough choices.
In the last couple of years, $400 billion was assessed in non-compliance fines alone. That’s more than just a small error here and there, yet with ever-changing and increasingly complicated regulations, it can be nearly impossible for companies to keep up. Each year, billions and billions of dollars are being spent on compliance. In 2020, it was estimated that global financial services companies would spend $181 billion in compliance costs*. While overall spend for Regulatory Compliance is over $181B, just $4 billion of that money was spent on RegTech solutions, with only 17% of companies have implemented this type of system. That leaves our addressable market at approximately $177 billion.
*Not including the $400 billion in fines previously mentioned.
In one of the articles by EQ, Yogesh Pandit, CEO of HEXANIKA mentioned “We had the data, it was ours, why couldn’t we handle it ourselves? And just adding people was not going to solve the problem—we needed innovation"
Imagine an industry in which human error costs $400 billion. Now imagine a platform that could eradicate that error through artificial intelligence and automation, saving its clients millions of dollars in the process.
HEXANIKA Delivers Useable Data & Robust Regulatory Reporting at the Speed of Now! We’re eliminating the need for fragmented and faulty solutions for businesses dealing with lots of data and high regulatory compliance demands. Using our SmartJoin and SmartReg proprietary technologies, we’ve already helped our customers save up to 50% in costs, speed up their onboarding up to 70%, and provided quality compliance results with 100% "auditability."
With its integrated AI-driven data platform and compliance marketplace, HEXANIKA provides a simplified, cost-effective and labour-efficient solution to address the $181 billion industry cost associated with regulatory compliance for banks, financial institutions, insurance companies and more. This end-to-end approach provides better data quality and increased auditability to regulators. Ultimately, HEXANIKA helps to eliminate the billions in losses and fines paid by institutions that can’t keep up with compliance with their hodgepodge of manual labour and patchworked tech solutions.
Reasons to Invest
1. Appealing product: Within the $180 billion regulatory compliance industry, HEXANIKA has demonstrated that it is able to not only reduce the cost of compliance by 50% but also output better quality and transparency of data.
2. Access to Roughly 80% of the Market: HEXANIKA has already formed strategic partnerships with various institutions, providing them access to customers as well as valuable insight for enabling easy adoption of their platform within existing infrastructures.
3. Industry Validation: HEXANIKA has received multiple awards for innovation in Regtech, including a 2018 Tokyo Financial Times Nikkei Award, a 2019 MEDICI Top 20 Award, a 2020 Citi Scalability Award and many more.
HEXANIKA intends to automate the industry with its unique end-to-end solution. Within the next five years, HEXANIKA sees itself as a leader in the driverless data management platform and marketplace for the RegTech and compliance industries. HEXANIKA believes its revenue potential as a one-stop-shop for compliance and financial services will soar as more and more companies experience the immense value of what they are providing.
HEXANIKA is doing more than saving businesses time and money. They are fixing a broken system in which even companies putting in maximum effort are bound to slip up and they feel confident that their platform will permeate the market once more and more businesses see what our Smart tech is capable of.
Click now to invest in the future of compliance technology and compliance!