Manchester-based risk management platform RiskSmart has launched in the UK following a £1m investment from NPIF Maven Equity Finance alongside institutional investors.

Founded earlier this year by Ryan Swann and Michael Aldred, the regtech company has built a risk management platform for small to medium-sized businesses.

“RiskSmart’s mission is to help businesses succeed through simple, smart, and state-of-the-art risk management. Having been in the industry for many years myself, I recognised a gap in the market to provide risk management in a better way,” said Ryan Swann, founder, RiskSmart.

Risk management software is used by businesses to find, evaluate and record risks within their organisation.

RiskSmart displays a company’s quantifiable risk data and says it uses automation to remove manual processes.

Maven Equity Finance invests between £50,000-£2m in businesses across North West, Yorkshire, the Humber and Tees Valley.

Dean Cox, senior investment manager at Maven, said: “More established providers of risk management solutions focus on larger companies and are priced accordingly, so there is a clear gap in the market for an ambitious business like RiskSmart to target the underserved SME segment.”

In June NPIF Maven Equity Finance invested £1m into Staffordshire-based vehicle leasing platform Moneyshake. Last month, it co-led the £5.9m investment into Leeds-based VR specialist XR Games.