Declan OhAnnrachain (Cascade): Making AML/Compliance Tech Meaningful
Declan OhAnnrachain, the founder, describes the market need for a firm like Cascade that provides “meaningful” administrative, compliance, and governance software solutions for small and medium-sized firms within a single system. Such solutions were previously only available to the largest firms using multiple tools and with a big price tag.
Can you describe your company in a few words?
Cascade was founded by a team from the investment fund sector to provide administrative, compliance, and governance software. Our mission is to deliver meaningful help when it comes to the automation of operational and AML/compliance duties. By “meaningful” we mean a solution that addresses the main pain points of many firms while, at the same time, being affordable. When we started the business, the market offered tools aimed primarily at the biggest firms with the associated big price tag. This also meant that many of those tools were overloaded with functions and the systems would require months of training to use properly. Our core market, therefore, consists mainly of small and medium-sized firms or small teams within bigger organizations.
When we started the business, the market was filled with tools aimed primarily at the biggest firms with the associated big price tag”
How exactly are you innovative?
We simplify administrative and compliance tasks in a manner that is easy for all to understand and follow. The main innovation we brought to the system was the concept of combining operational efficiencies with a complete and embedded AML/KYC and compliance framework. We managed to combine many processes effectively, within a single system which are typically executed via numerous tools. In terms of the business model, we do not penalize the clients by charging them per user or per module. There are too many systems promising automation yet making their offering inaccessible due to the final price tag if the client wants their entire team to use it.
How can Luxembourg’s ecosystem help you grow?
Cascade was born in Luxembourg. Help from Luxinnovation, which leads the Fit4Start acceleration program. We were initially based in the LHoFT, which proved a good launchpad. This ecosystem has allowed us to acquire more than 40 clients in eight different countries and includes banks, ManCo’s, AIFM’s (both licensed and registered), PSFs, fiduciary firms, corporate administrators, law firms, payment companies, consulting firms, and independent directors. Our hoped-for €1m of seed funding will shortly allow us to invest in product and team development. Our goal is to increase our product range with new solutions and enhance current functionality to become the market standard within our home market. We want to ensure our growing presence on the global scene where we already have a small footprint.