KOR completes Series A investment round and expands leadership team
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KOR completes Series A investment round and expands leadership team 14 June 2022UK Reporter: Carmella Haswell
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KOR, a provider of regulatory solutions for the derivatives market, has closed its Series A investment round led by San Francisco-based venture capital firm Mosaik Partners.
The investment funds will be used to accelerate the deployment of KOR鈥檚 CFTC-registered, cloud-native Swap Data Repository (SDR) to US markets, while enabling global expansion efforts.
According to the firm, KOR鈥檚 cloud-based trade repository platform aids participants to benefit from innovations in sub-second actionable analytics on submitted data, on-demand reports of full history, and systemic pattern insights.
The objective is to improve compliance processes and drive operational efficiencies.
In conjunction with the news, KOR has also announced two additions to its leadership team. Tom Wieczorek will join the firm as chief product officer, and John Burchenal is appointed director of partnerships and industry relations.
Wieczorek is a former managing director of products for the regulatory reporting and post-trade operations platform at London Stock Exchange Group (LSEG).
Burchenal brings more than 25 years of experience in finance and fintech, with prior roles at Adenza, Omgeo, Traiana and Tradeweb.
Howard Mergelkamp, co-founder and managing partner at Mosaik Partners, will join KOR's Advisory Committee in connection with the financing round. He says: "We are excited to partner with KOR because the leadership team's experience and expertise in this space are unparalleled.
鈥淜OR is modernising trade reporting through a SaaS cloud-based delivery business model, providing value-added analytics that will improve clients' data and significantly reduce lengthy, inefficient and costly manual processes that are the current industry standard.鈥�
Jonathan Thursby, founder and chief executive officer at KOR, envisions accelerated growth for KOR. He adds: "We are on target to move our Reporting-as-a-Service (all-in-one) platform from the external testing phase into production this summer, supporting CFTC swaps data reporting."
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