Brainframe Technologies

“At Brainframe, we believe effective governance, risk and compliance (GRC) management is the backbone of every successful company,” says Davy Cox, founder and CEO. “With regulations like Nis2, Dora and GDPR, smart leaders recognise the need for a streamlined approach.” Founded in 2015 and “currently fully bootstrapped”, its platform centralises “document management, risk management, KPI tracking, control mapping, planning and more.” It has “more than 500 users on [its] platform every month” including BDO, Doctena and Rsecure. The Eureka moment? “The keyword is ‘pain’: no solution offered an efficient central management for all my CISO daily activities, because Word & Excel was the default at the time--and surprisingly still is for more than 90% of companies.” A year from now, Cox sees Brainframe as “the most complete and cost effective GRC solution on the market, with an integrated AI assistant.”

Cascade

“Cascade addresses anti-money laundering laws and regulations allowing companies to efficiently perform their duties,” says Acia Baghdadi, sales and marketing manager. Its platform “applies an integrated 360° approach to the lifecycle of the client, fund or company from onboarding, through ongoing monitoring, covering all types of business relationships and serves multiple sectors.” Founded in 2019, it was backed by the Luxembourg Business Angel Network and Luxembourg Digital Fund; has partnerships with Acuris Risk Intelligence, BDO, Dow Jones, Neterium and Palana; 15 employees; and “more than 100 clients with users in 25 countries”. The Eureka moment? The cofounders saw “that there is a need for a complete and affordable AML platform, that is suitable to SMEs.” A year from now, Baghdadi sees Cascade as the “domestic leader with regards to AML solutions, with growing business internationally.”

FundsQ

“FundsQ streamlines third party risk management for financial institutions with an all-in-one solution, simplifying due diligence, scoring, compliance and strategic decision-making, turning third parties into assets for growth,” according to David Kiener, co-founder & CEO. Founded in 2016, today it has seven employees and he says that “between 1,500 and 2,000 companies use our platform.” Customers include the Paris-headquartered asset manager La Française and Luxembourg-based Lemanik Asset Management. The Eureka moment? “A discussion around a coffee with some compliance officers in Luxembourg” which led to the desire to facilitate oversight “in a world where the delegation of activities is the norm but requires precise, constant and formalised monitoring.” A year from now, Kiener plans to have launched “FundsQ.AI... it is an important milestone for us and our customers.”

Scorechain

Its technology helps users address regulations such as the EU’s Markets in Crypto-Assets Regulation (Mica) and anti-money laundering (AML) and countering the financing of terrorism (CFT) “requirements related to blockchain and digital assets,” says Nessim Medjoub, head of marketing at Scorechain. Founded in 2015, the firm currently has 17 employees and serves “more than 350” customers, “from crypto companies to established banks like Caceis and DZ Bank.” The Eureka moment? Scorechain’s founders saw the need for “the missing link between the decentralised world of blockchain and the regulated world of business”. Medjoub reckons: “With Mica set to become fully applicable by the end of the year in Europe, and the US presidential election signalling potential pro-crypto sentiment, we anticipate significant market opportunities as regulatory clarity fosters growth and mass adoption of digital assets.”

Smart Oversight

“We support SMEs in tackling the challenge of complying with heavy AML regulations at a fair cost,” says Guillaume Vieira de Carvalho, co-founder. Smart Oversight operates the So Comply Online Service, which helps regulated entities meet their anti-money laundering and counter-terrorism financing obligations. Founded in 2017, today it has four employees, a partnership with Proximus Luxembourg and “around 150” customers. The Eureka moment? “The idea for our startup came from my experience in a Big 4. I realised that many SME financial players did not find anti-money laundering tools adapted to their needs and that solution publishers were focussing on the international banking and insurance market. That is why we decided to launch Smart Oversight.” Asked where he saw the firm one year from now, Vieira de Carvalho replied: “One year is too short [term]. We are already working on the next year’s plan.”

This article was written for the  released on 11 December 2024. .

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