Delega raises £250,000 to simplify signatory management

The signatories management space has been devoid of innovation and a true solution to signatory rights issues within corporate banking. Treasury management globally is a market valued at $4.5 billion in 2021 and is expected to surpass $7.9 billion by 2030. Current solutions have failed to address the needs of corporates seeking a tool that allows them to manage this process on an end-to-end basis that includes easy communication and sharing of information between all their financial counterparts.

With its establishment in 2020, Delega introduced a simple and intuitive solution for the market that allows companies to store and manage a central list of current signatory rights fully digitally. This can be shared with chosen banks, ensuring an up-to-date record of signatory information. The platform harnesses secure cloud technology by creating a bank-agnostic single list of currently authorised signatories. Using Delega, companies can give specific banks access to the information needed to create, remove and maintain signatory records. Target customers are mid and large-sized corporations, however, the company intends to penetrate the large and mid-sized banking market.  

During the third quarter of 2022, Delega launched an EMEA Pilot with key collaboration partners like Deutsche Bank, Barclays and Siemens. Based on the feedback from banks and corporates, the team expanded the features and functions to improve the user experience and enable seamless signatory management. The product is currently on the market.

The closed seed financing round resulted in £250,000 (CHF 283.870) raised, with early-stage venture capital firm Jenson Funding Partners as the lead investor. It will enable the startup to advance the development of its multi-bank tool by implementing new features and integrating with value-added services such as e-signature.

Riccardo Balasmo, CEO of Delega, says: “Delega is the result of a deep-rooted knowledge of the operational complexities of both Corporate Treasury processes and bank back office processes. Our experienced team of treasury professionals and former transaction bankers is all too familiar with signatory pain points and recognised that a coordinated effort by corporates and banks was needed to truly address the issue. We’ve created a better way to do business – one that leverages digital technologies and a new solution design principle that’s supported by an entirely collaborative approach. Our solution has always kept both ‘sides of the story’ in mind, and it’s what makes Delega unique in responding to the needs of all parties.”

Sarah Barber, CEO of Jenson Funding Partners, adds: “Delega is making the entire process for banks and corporations to manage their signatories simpler. The company stood out to us as it offers a clear, concise solution for all parties, with easy access to all the required information to maintain signatory records. It was evident that this was a platform built by treasurers, for treasurers, with the team boasting years of corporate banking knowledge and first-hand experience of the issues companies struggle with every day. We see Delega becoming the de facto resource for corporates and banks in digitising signatories management.”

(Press release/RAN)