Startup Spotlight — RisikoTek
In this newsletter, we present the second edition of “Startup Spotlight,” where we turn our attention to RisikoTek, led by the visionary founder Elke Biechele. Their innovative approaches to Anti Money Laundering challenges are shaping the future of financial technology. Dive deeper into RisikoTek’s story and see how they are pushing boundaries. For those interested in learning more or exploring collaborations, contact details are provided at the end.
This article is also available on QIDS Venture Partners website and LinkedIn, and we invite you to share your thoughts by leaving a comment.
Can you briefly introduce your startup and the services you offer?
Elke: Founded in early 2018, RisikoTek is a certified FinTech company specializing in the Anti Money Laundering (AML) domain. Over the past 5 years, we have developed an array of technology tools designed for swift Enhanced Due Diligence and comprehensive fraud case investigations. Our expertise spans from tackling counterfeiting and scam investigations to more conventional roles like business partner due diligence and supplier verification. Our diverse client base includes financial service providers as well as global manufacturers.
Drawing from our extensive experience and expertise in investigation, we have recently embarked on an initiative to modernize Litigation Finance. Our dedicated Litigation Finance platform is now geared towards raising investment funds specifically for addressing large-scale cases.
What is Litigation Finance?
Elke: Litigation finance is a strategic mechanism where a third party financially supports legal proceedings in exchange for a portion of the potential settlement. This empowers parties to pursue justice, even when resources might be limited.
What is the core problem you’re addressing?
Elke: The prevalence of financial crimes and commercial disputes is daunting. Often, even with clear evidence on one’s side, the journey to a settlement is prolonged and costly. Be it individuals or corporations, the financial burden of investigations and legal proceedings is substantial. This results in hundreds of millions of dollars that remain unclaimed, primarily due to the lack of funds to pursue these settlements.
This is where Litigation Finance can play a pivotal role. However, traditional approaches to Litigation Finance lacked scalability. Many potential investors found themselves shut out from these investment opportunities, and numerous cases lacked the requisite funding support. To bridge this gap, we’re pioneering a scalable Litigation Finance platform where plaintiffs can present their cases and investors can seamlessly trade in this unique asset class.
What motivated the establishment of that Litigation Finance platform?
Elke: We recognized a significant demand for our services, yet observed that many potential clients operate with constrained budgets. Our Litigation Finance platform was developed as a solution to assist these clients.
In a concise sentence, what is your platform’s primary mission?
Elke: Our mission is to allow select investors to identify Litigation Finance opportunities with exceptional Return on Investment (ROI) by seamlessly blending top-quality offerings with cutting-edge technology on our platform.
With the numerous solutions in the FinTech sector, how does your Litigation Finance platform differentiate itself?
Elke: We are revolutionising the rapidly growing Litigation Finance market that has, until now, been largely inaccessible to many investors. Through our technological advancements, we are unlocking vast opportunities whilst at the same time pioneering a new asset class. This new asset class is a testament to the synergy of trusted, proven components with practical innovations.
What are the primary projects or initiatives that your team is currently focused on regarding your Litigation Finance platform?
Elke: Our foremost initiative is the continued enhancement of our technology platform, ensuring it offers exciting features and boasts rapid processing speeds. Additionally, we are in the process of onboarding some of the industry’s most esteemed partners to collaborate with our business.
As we move forward in 2023, what do you perceive as the most significant trend or challenge in your sector?
Elke: The current complex global political climate and economic downturns affecting numerous countries is bothersome for us as well. However, it is also a time of profound changes as global hierarchies and wealth distributions shift rapidly. Such changes often pave the way for technical innovation when approached strategically. We are confident in our positioning and believe we can navigate this historic period to emerge even stronger.
Are there specific types of business entities or stakeholders you’re looking to collaborate with in the near future?
Elke: We are keen to partner with seasoned individuals interested in achieving exceptionally high returns on their investments. The ideal collaborators would have a balanced risk appetite — not excessively cautious, but not overly bold either. Such a synergy promises success not just for our partners and clients, but for us as well.
Specifically, we are looking for experienced investors and esteemed law firms to ensure full success of this new asset class.
How do you believe partnerships or collaborations could enhance your startup’s journey and offerings?
Elke: We see great value in forming partnerships with hedge funds, private equity firms as investors into our assets. In the meantime, we are also looking for experienced venture capital funds to invest into our equity shares to amplify our growth potential. Additionally, collaborations with reputable law firms can further augment our growing asset base.
Can you share any goals or milestones you’re aiming for in the next year?
Elke: Our objectives for the year include securing a suitable venture capital partner as well as establishing collaborations with the right mix of asset investors and law firms.
For our readers interested in knowing more or exploring partnerships, what’s the best way to reach out to you?
Elke: The best way would be email elke.biechele@risikotek.com
