Financial services provider SEI has launched a regulation technology incubator dubbed Codify at its UK headquarters in London, welcoming an initial three participants to the program.
The participating companies are blockchain technology developer Coinfirm, risk profiling technology producer Neuroprofiler and Enforcd, a provider of regulatory enforcement data, news and insights.
The scheme will last for a minimum of four months, with the three businesses receiving office space at SEI for the entire duration.
The startups will be given access to SEI’s in-house resources, exposure to a range of financial services sectors and mentoring from both internal and external experts, ranging from executives to a solicitors from a law firm based in London’s financial district.
SEI will also enable the businesses to formally pitch for a potential equity investment. The formation of Codify follows SEI’s decision last year to support regulatory technology firm Suade Labs, which will act as a mentor to participants in the incubator.
The company is now also taking applications for the second Codify cohort. Eligible companies will need to be less than five years old and have secured less than a million in funding (the incubator’s website does not specify whether the currency is in pound sterling or US dollars).
Ahsan Mallick, general counsel at SEI UK and executive sponsor of Codify said: “As domestic and international regulation become more complex for all types of institutions, the relevance of this field of work will continue to grow.
“Leveraging SEI’s heritage in developing technological innovation for the investment industry, we created Codify to support promising early-stage businesses that are developing tech solutions to address the world’s growing and demanding regulatory requirements.”