The funds will be used to “double its headcount”, with the company stating in a 17 January announcement that: “Over the next 12 months Governance.com will hire 20 top talents.”

The company develops software which helps banks and investment firms comply with EU and national financial regulations in a more automated fashion.

This week’s funding round was the company’s fifth, according to Crunchbase, a data firm.

Governance.com (which previously was named Governance.io and before that 2Gears) raised $4.4m from Banque Internationale à Luxembourg, the European Investment Bank and other investors in 2016, according to CB Insights, a research firm.