Formalize

What Formalize does

Formalize is a Danish-headquartered SaaS company that operates a cloud-based governance, risk, and compliance (GRC) platform designed to automate compliance workflows for European organizations. Originally founded in 2021 as Whistleblower Software and rebranded in March 2024, the company has evolved from a single-purpose whistleblowing tool into a multi-framework compliance operations platform supporting GDPR, NIS2, DORA, ISO 27001, ISO 22301, SOC 2, and the EU AI Act. The platform comprises a core hub with specialized modules for policy management, risk intelligence, third-party management, data governance, and business continuity, plus a dedicated Whistleblower Software (WBS) sub-brand and an AI capability branded as Formalize IQ that interprets regulatory standards using NLP trained on officially licensed ISO content.

The platform is built around a multi-framework architecture that allows organizations to manage overlapping regulatory obligations from a single interface, with shared controls, unified reporting, and integrations into productivity tools (Asana, Jira, Monday.com, ClickUp, Microsoft 365, Google Workspace). Formalize holds an official license agreement with UNE (Asociación Española de Normalización), the Spanish ISO/IEC representative, to embed official standards content directly into the platform—the first such agreement in the Spanish market. The platform is delivered as subscription SaaS with annual billing, pricing tailored to organization size and framework requirements, supplemented by a 14-day free trial and a self-serve onboarding motion.

Formalize serves over 8,000 companies across 80+ countries and 12+ supported languages, with a customer base spanning enterprises (e.g., McDonald's, Crypto.com, Indexa Capital, Bank Honda), financial institutions (Arcano Partners, IBL Banca, Cassa Lombarda), retail (La Feltrinelli, Burger King Italy), and public sector entities (Comune di Novara, Cámara Municipal Porto). The go-to-market combines product-led growth (free trial, self-serve), direct enterprise sales, and a channel program with 850+ consulting and law firms including Fieldfisher, BDO, DLA Piper, and Osborne Clarke. The company employs 160+ people across offices in Aarhus (headquarters), Copenhagen, Milan, Madrid, and a planned Munich office opening in 2026 to anchor DACH expansion. To date, Formalize has raised approximately €50 million across three funding rounds, most recently a €30 million Series B in October 2025 co-led by Acton Capital and BlackFin Tech.

Name

Formalize

Legal name

Formalize ApS

Website

https://formalize.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Formalize is a Danish cloud-based GRC platform that automates compliance workflows across EU frameworks including GDPR, NIS2, DORA, ISO 27001, and the EU AI Act, serving 8,000+ companies across 80+ countries through a hybrid self-serve and enterprise sales motion.

Ownership category

akta.pro rank

Product category

Compliance Management Software (GRC Platform)

NAICS

Software Publishers (5132)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Governance, Risk & Compliance (GRC) Platforms (BPAEAPAA)

akta.pro secondary industries

Enterprise AI Governance, Risk & Compliance Platforms (Model Risk, Audit, Policies) (HDAEANAE), Compliance, GRC Workflow & Audit Automation Platforms (HDAEAHAL), AI Governance, Risk & Compliance (GRC) Platforms (HDAAAMAA)

Keywords

• Compliance management software
• GRC platform
• Regulatory compliance automation
• Whistleblowing solutions
• Policy management software

Headquarters

HQ city

Aarhus

HQ country

Denmark

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. SaaS Platform Subscription: Formalize operates as a subscription-based SaaS model where customers pay for access to the compliance automation platform. The subscription term is 12 months with annual invoicing. Pricing appears to be tailored to organization size and framework requirements.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Formalize delivers a cloud-based SaaS compliance operations platform that centralizes governance, risk, and compliance (GRC) management across multiple European and global regulatory frameworks including GDPR, NIS2, DORA, ISO 27001, ISO 22301, SOC 2, and the EU AI Act. The platform includes modules for policy management, risk management, third-party management, data governance, business continuity, and a dedicated whistleblowing solution, augmented by AI-powered functionality (Formalize IQ) trained on official ISO standards to interpret regulatory text and generate actionable workflows.

Product overview

Formalize is a compliance operations platform with a modular architecture. The core Formalize Platform serves as the central hub for governance, risk, and compliance (GRC) management, supporting multiple regulatory frameworks including GDPR, NIS2, DORA, ISO 27001, ISO 22301, SOC 2, and AI Act. The platform includes specialized modules for Policy Management, Risk Management, Third Party Management, Data Governance, and Business Continuity & Resilience. Whistleblower Software (WBS) operates as a distinct product line under Formalize, providing dedicated whistleblowing case management. Formalize IQ is an AI-powered feature that supports compliance management through natural language processing capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Whistleblower Software (WBS): Market-leading whistleblowing platform to manage whistleblowing cases according to EU regulations.

Products and services

• Formalize Platform The connected compliance and GRC platform that centralizes governance, risk, and compliance management across multiple regulatory frameworks including GDPR, NIS2, DORA, ISO 27001, ISO 22301, SOC 2, and the EU AI Act. Targeted at SMEs, enterprises, financial institutions, and consulting/law firms needing multi-framework compliance automation.
• Whistleblower Software (WBS) Market-leading whistleblowing platform for managing whistleblowing cases according to EU regulations, with GDPR-compliant case handling. Operates as a sub-brand product line within the Formalize portfolio and is offered separately from the broader GRC platform.
• DORA Compliance Module Module for achieving Digital Operational Resilience Act (DORA) compliance with Register of Information reporting, guided DORA Compliance Setup, and structured tools for ICT third-party risk and incident management. Targeted at financial institutions and ICT service providers required to comply with DORA.
• NIS2 Compliance Module Module for achieving NIS2 (Network and Information Security Directive 2) compliance with guided compliance setup, structured incident management, and complete risk visibility and control. Targeted at EU essential and important entities required to comply with NIS2 cybersecurity requirements.
• GDPR Compliance Module Module for achieving and maintaining GDPR compliance, including Record of Processing Activities (RoPA), automated supplier audits, and Data Subject Requests management. Targeted at any organization processing personal data of EU residents.
• ISO 27001 Compliance Module Module for achieving and maintaining ISO 27001 certification with centralized documentation, automated controls, policies, and audits, plus risk and incident tracking. Targeted at organizations pursuing or maintaining ISO 27001 information security certification.
• ISO 22301 Compliance Module Module for ensuring continuous business operations and achieving ISO 22301 (Business Continuity Management Systems) certification. Targeted at organizations implementing business continuity management programs.
• SOC 2 Readiness Module Module for accelerating SOC 2 readiness and audit preparation with controls, policies, and documentation workflows aligned to SOC 2 Trust Service Criteria. Targeted at SaaS and service organizations preparing for SOC 2 audits, especially those serving US enterprise customers.
• AI Act Compliance Module Module for deploying compliant, trusted AI systems in alignment with the EU AI Act. Targeted at organizations developing, deploying, or using AI systems within the EU that must comply with the AI Act's risk-based obligations.

Quantifiable outcome

• Over 8,000 companies use the platform for compliance automation
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature14 records

Partnerships

Five partnerships are on record, tiered core.

• UNE (Asociación Española de Normalización)coreStrategic or Co-development Partner · 19 May 2025Official ISO representative in Spain; Formalize entered a pioneering collaboration to integrate official ISO standards directly into the platform. This is the first agreement of its kind in the Spanish market, allowing Formalize to embed official ISO/IEC content for compliance operations. Formalize IQ AI works on official standards rather than unverified data.
• FieldfishercoreImplementation/ SI/ Consulting PartnerInternational law firm partner that works with Formalize to serve compliance consulting clients. Fieldfisher is one of the leading consulting and law firm partners using the Formalize platform.
• BDOcoreImplementation/ SI/ Consulting PartnerGlobal accounting and advisory firm partner using Formalize to deliver compliance services to clients. BDO is one of the key consulting partners in the Formalize ecosystem.
• DLA PipercoreImplementation/ SI/ Consulting PartnerGlobal law firm partner working with Formalize to provide compliance solutions to clients. DLA Piper is among the major law firm partners in the Formalize network.
• Osborne ClarkecoreImplementation/ SI/ Consulting PartnerInternational law firm partner that collaborates with Formalize to serve compliance consulting clients. Osborne Clarke is a key law firm partner using the platform.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Vanta: Vanta is a leading compliance automation platform focused on SOC 2, ISO 27001, HIPAA, and other frameworks. It targets similar SMB and mid-market customers with product-led growth and is a directly comparable competitor to Formalize's framework modules.
• Drata: Drata provides automated continuous compliance for SOC 2, ISO 27001, HIPAA, and other frameworks with a similar product-led, free-trial GTM motion. Direct overlap with Formalize in ISO 27001 and multi-framework compliance automation.
• Secureframe: Secureframe offers compliance automation for SOC 2, ISO 27001, HIPAA, PCI, and NIST with a self-serve, product-led motion similar to Formalize. Directly comparable in target customer, framework coverage, and go-to-market.
• Scrut Automation: Scrut Automation is an integrated risk and compliance platform covering SOC 2, ISO 27001, GDPR, and other frameworks, with a strong presence in mid-market. Closely comparable to Formalize in product scope and customer segment.
• Sprinto: Sprinto is a compliance automation platform targeting fast-growing tech companies with SOC 2, ISO 27001, GDPR, HIPAA, and more. Directly comparable to Formalize in framework coverage, target segment, and product-led growth model.
• LogicGate Risk Cloud: LogicGate Risk Cloud is a GRC workflow automation platform covering risk, compliance, and third-party management with a no-code configuration model. Comparable to Formalize in GRC scope and modular architecture.
• Hyperproof: Hyperproof is a compliance operations platform for SOC 2, ISO 27001, NIST, FedRAMP, and more with strong continuous controls monitoring. Directly comparable to Formalize's compliance operations positioning and enterprise readiness.

Broad incumbents

• OneTrust: OneTrust is a broad privacy, GRC, ethics, and ESG platform serving large enterprises globally. It overlaps with Formalize on GDPR and broader GRC but operates at much larger scale and a wider scope beyond compliance operations.
• ServiceNow Integrated Risk Management: ServiceNow's Integrated Risk Management (IRM) suite is a large enterprise GRC platform bundled with the broader ServiceNow workflow stack. A broad incumbent Formalize may increasingly compete against as enterprise buyers consolidate GRC onto existing ServiceNow footprints.
• Diligent (Galvanize): Diligent's Galvanize product is an enterprise GRC and audit management platform serving large, regulated organizations. Overlaps with Formalize's risk, audit, and compliance modules but typically targets larger enterprises with deeper deployment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/whistleblowersoftware

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Formalize