Tiller Technologies Strengthens RegTech Footprint in Jersey

Tiller Technologies is cementing its position as a leading regulatory technology provider in Jersey, the Crown Dependency that has emerged as a testing ground for digital identity verification in offshore finance. The company’s expansion comes as global banks and wealth managers face mounting pressure to automate compliance processes while navigating increasingly complex anti-money laundering regulations.

Founded in 2016 by former hedge fund executives Jonathan Wauton and Ian Cadby, Tiller Technologies has transformed from a wealth management platform into a specialized RegTech firm serving financial institutions across 53 countries. The pivot reflects broader market dynamics, where compliance costs have ballooned to represent as much as 10% of revenue for some financial services firms, according to industry estimates.

Wauton and Cadby previously ran Ermitage Asset Management, a European alternative fund of funds manager, before selling their stake in 2011. The pair spent two years studying the digital wealth management sector, investing their own capital with various robo-advisory firms in the UK and US to understand operational challenges. That research culminated in the 2016 launch of Tiller, initially conceived as a next-generation digital wealth platform backed by £2.7 million in founder capital and £9 million from external investors.

The company’s evolution into Tiller Technologies accelerated with the January 2023 launch of Verify by Tiller, a software-as-a-service platform that automates customer onboarding through electronic identity verification, address validation, and real-time screening against politically exposed persons databases and sanctions lists. The technology employs facial recognition, fraud detection algorithms, and near-field communication chip reading to authenticate identity documents.

HSBC Expat, the offshore banking arm of Europe’s largest lender by assets, adopted Verify by Tiller’s address verification module in 2024. The deployment marked a significant validation for the Jersey-based firm, demonstrating that its technology could meet the stringent requirements of a global systemically important bank. Nicola Gardner, head of digital at HSBC Expat, said the automated solution aligned with the bank’s strategy to enhance customer onboarding efficiency while maintaining regulatory compliance across jurisdictions.

The partnership addressed what Wauton describes as the most challenging aspect of digital identity verification: proof of address. Unlike document authentication, which can leverage standardized biometric technologies, address verification requires access to regulatory-grade data that varies significantly by country. Quality and availability of such data remains inconsistent, particularly in developing markets and international financial centers with high concentrations of expatriate populations.

Tiller Technologies currently serves clients including Mattioli Woods plc, a UK-listed wealth management and employee benefits firm, and McInroy & Wood, a Scottish investment manager. Mattioli Woods took a 4% stake in the company through a seed funding round in January 2021, providing undisclosed capital to support platform development. The investment came as Mattioli Woods sought to digitize its client portal, a project initially budgeted at £750,000 but understood to have exceeded that figure.

The RegTech firm operates from Jersey and London, employing specialists in software engineering, compliance, and capital markets. The leadership team includes Wauton as chief executive, Cadby as co-founder and board advisor, Mark Cadby as chief technology officer, and David Watson as group finance and operations director. The company claims over 30 years of collective experience in capital markets among its founding team.

Jersey’s emergence as a RegTech hub stems from proactive regulatory support for electronic identity verification. The Jersey Financial Services Commission held a consultation in 2022 on increasing adoption of digital identity solutions, concluding that greater implementation would improve accuracy and reliability of customer due diligence processing while allowing compliance resources to focus on higher-value tasks. The Government of Jersey subsequently introduced a RegTech Super Deduction, offering 150% tax relief on qualifying technology investments to incentivize innovation.

Amy Bryant, deputy chief executive of Jersey Finance, noted that corporate structures account for an estimated 60 to 80% of business in offshore jurisdictions, underscoring the importance of robust Know Your Business processes. The UK’s National Assessment Centre estimates approximately £100 billion is laundered through UK-based corporate structures annually, highlighting the scale of financial crime risk that compliance technology aims to mitigate.

Tiller Technologies faces competition from established identity verification providers and newer entrants attracted by the compliance technology market’s growth trajectory. The global RegTech market was valued at approximately $12 billion in 2023 and is projected to expand at a compound annual growth rate exceeding 20% through 2030, according to market research firms. Financial institutions are accelerating digitization of onboarding processes, driven by cost pressures and customer expectations for seamless digital experiences.

The company’s modular approach allows clients to screen, verify, and monitor customers according to their specific risk profiles, jurisdictional requirements, and operating models. This contrasts with comprehensive client lifecycle management platforms that Wauton characterizes as bloated and prone to underdelivering on promises. Verify by Tiller’s architecture enables firms to deploy individual components such as identity verification or address validation without committing to a full-suite implementation.

Data retention policies reflect varying regulatory requirements, with Tiller Technologies typically erasing customer onboarding information after eight weeks, though this can be configured to meet specific compliance mandates. The approach balances regulatory obligations with data privacy considerations, an increasingly important factor as jurisdictions worldwide strengthen consumer data protection frameworks.

The firm launched entity onboarding and client lifecycle management capabilities in early 2025, marking three years of continuous development since Verify by Tiller’s initial release. The expansion into Know Your Business functionality addresses demand from financial institutions handling complex corporate structures, trusts, and foundations common in offshore jurisdictions.

Jersey’s position as a well-regulated international finance center with a forward-looking approach to technology adoption has proven advantageous for Tiller Technologies. The jurisdiction’s reputation for strong governance and regulatory oversight provides credibility when marketing to risk-averse financial institutions. Deputy Ian Gorst, Jersey’s minister with responsibility for financial services, has emphasized government commitment to promoting digital identity adoption among regulated businesses.

Looking ahead, Tiller Technologies continues working with early adopters and industry partners to enhance its platform capabilities. The company is expanding geographic coverage of its address verification service, targeting locations with high expatriate concentrations and developing international financial centers. Wauton indicated the firm aims to increase its current coverage beyond 53 countries, though specific expansion plans remain undisclosed.

The evolution from Tiller Investments to Tiller Technologies illustrates how fintech firms adapt to market opportunities and regulatory pressures. What began as a robo-advisory platform has transformed into specialized infrastructure supporting the financial services industry’s compliance obligations. As regulatory complexity increases and digital identity becomes standard for customer onboarding, Jersey-based providers like Tiller Technologies stand to benefit from their early-mover positioning and proximity to a supportive regulatory environment.