Introduction:
Navigating regulatory compliance in the BFSI (Banking, Financial Services, and Insurance) sector is a complex, time-consuming, and error-prone process. With regulations spread across thousands of unstructured PDFs, multiple amendments, and interconnected rules, compliance officers spend countless hours gathering insights, interpreting changes, and ensuring adherence. Non-compliance is costly—RBI imposed penalties worth ₹800 crore in FY23-24 on banks alone—making it a high-stakes challenge for financial institutions.
Selkeā is transforming regulatory compliance with its AI-powered Enterprise B2B SaaS platform. By leveraging advanced AI and a knowledge graph that maps interconnected regulations, Selkeā simplifies the compliance process for BFSI stakeholders. The platform allows users to discover critical regulatory documents, uncover hidden compliance connections, and streamline management and implementation. With Selkeā, financial firms can save time, reduce errors, and proactively meet compliance requirements, mitigating the risk of costly penalties.
The founding team brings a strong combination of domain expertise and technical innovation. Abhishek Mishra, the CEO, has 4 years of experience in the BFSI sector, including spearheading a Distributed Ledger Technology (DLT) project at RBI Innovation Hub and contributed to MuleHunter.ai to detect mule accounts. Varun Menon, the COO, has contributed to large-scale digital public infrastructure projects like the Unified Lending Interface (ULI). Together, they combine deep insights into financial regulations with a passion for creating innovative solutions.
Market Opportunity:
The global regulatory technology (RegTech) market was valued at $10.9 billion in 2023 and is projected to grow at a CAGR of 20.3%, reaching $33.1 billion by 2028. This rapid growth is fueled by increasing regulatory scrutiny, rising financial fraud, and the BFSI sector's shift toward digital transformation. In India, the BFSI sector is projected to grow to $350 billion by 2025, creating immense demand for compliance solutions that can handle the complexity and scale of regulatory requirements.
Selkeā addresses this demand by targeting mid-sized to large financial institutions, including banks, NBFCs, and fintechs. The platform’s ability to map and analyze regulations using a knowledge graph provides a clear competitive advantage over traditional manual methods, which are time-intensive and lack scalability. Furthermore, as regulations continue to evolve, the need for AI-driven solutions that offer real-time updates and insights will only increase.
With its beta pilot underway, Selkeā is already demonstrating strong product-market fit, positioning itself as a vital partner for BFSI firms aiming to modernize their compliance workflows. The platform’s scalability and ability to integrate seamlessly into existing systems further enhance its potential to capture a significant share of the growing RegTech market.
100X.VC Thesis:
Compliance as a sector is a big opportunity for India and its BFSI space. Lack of accurate interpretation and actionable insights from complex regulatory documents has led to governance and compliance issues. Selkea is well poised to come in and address the issue with their unique and differentiated solution/offering. A big SOM in 100x view.
Conclusion:
Selkeā is revolutionizing compliance management in the BFSI sector by simplifying how financial firms navigate complex regulations. Its AI-powered platform eliminates inefficiencies, reduces risk, and empowers compliance teams to focus on strategic decision-making rather than manual data gathering. By providing a comprehensive solution that spans regulatory discovery, management, and implementation, Selkeā addresses a critical pain point for financial institutions.
Under the leadership of Abhishek and Varun, Selkeā is uniquely positioned to capture the rapidly growing RegTech market. With strong early traction, cutting-edge AI technology, and a massive addressable market, Selkeā offers a compelling investment opportunity in the intersection of financial technology and regulatory compliance. As the BFSI sector continues to evolve, Selkeā is poised to become the go-to platform for compliance excellence.
