London-based RegTech start-up Umazi has raised £750,000.

The pre-seed funding round included investment from government-backed innovation agency Innovate UK and various angel investors.

Umazi said its distributed ledger technology simplifies the compliance process by creating digital identities featuring due diligence credentials, which the company said are then verified and validated by regulated entities and housed on an open-source permissioned blockchain platform.

The start-up said it is working with companies such as Artesian : DueDil, ComplyAdvantage, and African law firm Webber Wentzel.

UK FinTech firms attracted $37.3 billion worth of investment in 2021 according to KPMG.

“It’s astonishing that enterprise due diligence is still such a costly, time-consuming exercise that is repeated over and over again,” said founder and chief executive at Uzami Cindy van Niekerk. “It is clear due diligence is ripe for tech disruption and we are the first and only tech platform to take on the challenge.

“With new funds in the bank and global partnerships in place, we’re already demonstrating how Umazi brings fuss-free digital due-diligence.”

Ben Luckett, chief innovation officer at Aviva, said: “Umazi have helped us better understand the potential we have to automate and streamline our onboarding of suppliers.”

He added: “Both at Aviva and across the industry there is an increasing focus on how we make these processes easier, and we are confident that Umazi are well placed to solve this challenge.”

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