AutoRek, leading regtech firm, is accelerating its global growth plans to meet the rapidly rising demand for its financial control and regulatory reporting solutions.
With a team growth of 40 people this year, the drive continues for 30 more positions across the U.K.
This demand has largely been driven by the Financial Conduct Authority (FCA) and other financial institutions’ push for greater integrity and accountability across the financial services sector, leading to increased regulation, especially across the payments and asset management industries. The FCA’s new Consumer Duty, which came into play on 27th July, is just the most recent package of guidelines introduced to increase transparency across the financial services industry.
The payments industry is predicted to double its market value by 2024, as the world transitions away from cash. With policymakers looking to introduce heightened levels of protection for consumers via regulation, payments firms will need to introduce end-to-end automation to keep down costs and remain competitive. Asset management firms are rapidly introducing digital solutions to enhance auditability, compliance processes, and reconciliations including regulatory, accounting, inter-system and portfolio.
AutoRek’s CEO, Gordon McHarg comments: “We currently have 140 employees, and we’re projecting this number to rise to 170 by the end of the year to keep up with the demand from clients and prospects. We’re extremely proud that the average tenure of employees is currently four years – more than double the sector norm for most fintechs, with almost 40% of these employees playing a huge part in the growth journey with four years or more as part of the AutoRek team.”
He continued, “The demand for greater automation is at the centre of our need to continue hiring. Within the payments, asset management and insurance sectors, the increasingly complex regulatory landscape is forcing firms to automate to keep pace with their competitors and their own customers’ expectations. Therefore, we have a particular focus on hiring SMEs in each of our sectors, with a number of positions available in insurance.
“As we look to expand our services internationally and focus on growing software engineering, professional services and sales, we expect this growth to continue as the global business world embraces the benefits of automation.”