KOR Financial

What KOR Financial does

KOR Financial is a US-headquartered, cloud-native fintech founded in 2020 that operates licensed global trade repositories and regulatory reporting services for derivatives markets. The company holds a scarce stack of regulatory licenses — first independent CFTC Swap Data Repository, second-ever Australian Derivative Trade Repository (ASIC ADTR), first Canadian Trade Repository license in a decade, and SEC SBSDR — enabling it to serve financial institutions across North America, the EU/UK (EMIR Refit, MiFIR, REMIT, SFTR), and APAC (ASIC, MAS) from a single platform. Its core products comprise Trade Repositories (SDR) and Reporting Services, supported by sub-products including the Hub Service, UPI Service (integrated with ANNA DSB), Pre-Validation, KOR Central admin portal, Package Trade Hub, and Human Support.

The platform is built on Apache Kafka as the system of record with Kafka Streams for high-throughput workflows, storing approximately 160 PB of data, and runs on AWS/Confluent/ElasticSearch/DataDog infrastructure with Spring/Angular/Kubernetes/Argo development tooling. A proprietary KOR Data Model (KDM) absorbs regulatory changes by auto-updating relevant fields and mappings, and a proprietary validation engine executes 100k+ hand-written testing scenarios with sub-second feedback. KOR claims industry-leading 24-hour onboarding and under-70-second time-to-first-report for new clients.

The business model is primarily usage-based, charging per Unique Transaction Identifier (UTI) fees that range from $0.003 to $1.935 depending on asset class and volume tier, plus a $3,000 annual membership fee and a 10% prepay discount program with a $2M annual cap per client or client group. A Third-Party Reporter channel provides 15% referral economics. Go-to-market is enterprise field sales targeting major financial institutions globally, with API-first delivery alongside FTP and UI options, supplemented by content-driven thought leadership and direct CRO-led demo booking.

Name

KOR Financial

Legal name

KOR Financial Inc.

Website

https://korfinancial.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

KOR Financial operates licensed global trade repositories and regulatory reporting services for derivatives markets, serving banks, broker-dealers, and fund managers across North America, EU/UK, and APAC via a cloud-native Kafka-based platform.

Ownership category

akta.pro rank

Product category

Regulatory Trade Reporting Software

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (523210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

OTC Derivatives Trade Repositories (Swaps/Derivatives Reporting) (FSAFAJAA)

akta.pro secondary industries

Regulatory Reporting Hubs & Aggregators (Multi-Regime/Multi-Asset) (FSAFAJAF), Transaction Reporting & Trade Surveillance Controls (MiFID/MiFIR, CAT, EMIR, SFTR) (FSAFAKAD), Regulatory Reporting & Compliance for SFTs (SFTR/SEC 10c-1) (FSACAIAH)

Keywords

• Derivatives trade reporting
• Swap data repository
• Regulatory compliance software
• Trade repository services
• Post-trade reporting

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. CFTC SDR Reporting Fees: KOR charges per-UTI (Unique Transaction Identifier) fees for swap data repository reporting under CFTC rules. Fees are tiered based on monthly UTI count across multiple asset classes (FX, Commodities, Digital Assets, Credit/Equities/Rates). Both Standard Swap and Cleared Swap fee structures exist with volume-based pricing tiers ranging from $0.004 to $1.935 per UTI depending on volume and asset class.
2. Annual Membership Fee: $3,000 annual membership fee ($250 per month equivalent) charged to all Reporting Clients. For clients submitting 800 or fewer UTIs per month, no additional fees are assessed beyond the membership fee.
3. Prepay Discount Program: Clients can annually pre-pay fees for credits and receive a 10% discount to be used towards monthly reporting and membership fees. Annual fee cap of $2,000,000 for a Client or Client Group.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

KOR Financial operates a cloud-native platform providing licensed global derivatives trade repositories and regulatory reporting services. The company runs licensed Swap Data Repositories for the CFTC, ASIC, OSC, and SEC, and offers a modular end-to-end Reporting Services platform that consolidates post-trade reporting obligations across CFTC, SEC, Canada, EMIR Refit, MiFIR, REMIT, SFTR, ASIC, and MAS jurisdictions. The platform includes the KOR Data Model, real-time validation, UPI verification via ANNA DSB, and pre-validation to reduce rejections across all asset classes.

Product overview

KOR Financial operates as a cloud-native fintech platform providing global derivatives trade repositories and regulatory reporting services. The core offering consists of two integrated product lines: (1) Trade Repositories (SDR) - a fully licensed Swap Data Repository by CFTC, ASIC, and Canadian regulators for all asset classes, and (2) Reporting Services - a modular end-to-end reporting platform covering all major jurisdictions (CFTC, SEC, Canada, EMIR Refit, MiFIR, REMIT, SFTR, ASIC, MAS). The platform includes specialized sub-products: Hub Service for integration and data mapping via the proprietary KOR Data Model (KDM), UPI Service for Unique Product Identifier verification integrated with ANNA DSB, Pre-Validation for real-time error detection, Human Support for expert-led assistance, KOR Central for self-service administration, and Package Trade Hub for multi-leg derivatives configuration. The platform differentiates through sub-second message processing, intuitive APIs and FTP integration, 24-hour onboarding, and comprehensive self-service capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Reporting Services

Quantifiable outcome

• 30-50% cost savings expected by market participants using KOR vs legacy SDRs
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature7 records

Partnerships

Three partnerships are on record, tiered core and minor.

• DroitcoreTechnology or Integration · 15 November 2023KOR and Droit partnership embeds Droit's leading Adept eligibility service within KOR's modern reporting platform. The integration provides unparalleled transparency and control across each processing stage for accurate, compliant, and timely reporting. Droit's consensus-driven eligibility rulesets complement KOR's modular end-to-end reporting service, enabling clients to determine reporting obligations with sub-millisecond latency and submit to correct regimes automatically.
• ANNA DSB (Association of National Numbering Allies)coreTechnology or IntegrationKOR is fully integrated with ANNA DSB for instant verification of UPI (Unique Product Identifier) codes synced with product names. This seamless direct integration provides comprehensive UPI data management, instant verification, and efficient UPI management within the KOR platform.
• Security IdealsminorImplementation/ SI/ Consulting PartnerKOR partnered with Security Ideals to ensure security remains top of mind. Security Ideals provides vCISO services ensuring all stakeholders continue to work within ISO 27001 and SOC 2 frameworks.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• DTCC (Derivatives Services): Operates the dominant US swap data repository (DDR) and major global derivatives trade reporting infrastructure. The most direct competitor to KOR in licensed SDR services, with a much larger installed base but legacy technology.
• ICE (Trade Vault): Operates one of the major CFTC-registered Swap Data Repositories. Directly competes with KOR's CFTC SDR offering and brings the backing of Intercontinental Exchange's broader market infrastructure franchise.
• Bloomberg (Regulatory Reporting / BSEF): Provides regulatory trade reporting solutions including SEF and reporting services across multiple jurisdictions. Closely comparable as a multi-jurisdictional reporting platform competing for the same financial-institution customers.
• LSEG (UnaVista): UnaVista offers regulatory reporting for EMIR, MiFIR, SFTR, and other regimes. Direct competitor in cross-jurisdictional reporting, and notably LSEG is where KOR hired senior leadership (Tom Wieczorek).
• AcadiaSoft (CME Group): Provides derivatives post-trade processing and reporting infrastructure including confirmation and reconciliation services. Now owned by CME Group, directly competes in derivatives trade reporting workflow.
• Kaizen Reporting: Specialist in regulatory trade reporting for EMIR, MiFIR, SFTR, MAS, and ASIC regimes. Direct competitor in multi-jurisdictional reporting for buy- and sell-side firms, with similar technology-forward positioning.
• Regnology: Regulatory reporting and supervisory technology provider covering multiple regulatory regimes. Comparable as a RegTech vendor targeting financial institutions' compliance and reporting workflows.

Emerging players

• SteelEye: Compliance and regulatory reporting platform for financial services with MiFIR, EMIR, SFTR, and other coverage. A newer RegTech entrant with comparable multi-regime positioning.
• Scila: Surveillance and reporting solutions for exchanges and trading venues, including market abuse and trade reporting. Adjacent competitor in trade reporting infrastructure with comparable cloud-modern positioning.

Broad incumbents

• Adenza (formerly Calypso): Provides cross-asset front-to-back-office platform including regulatory reporting. Recently acquired by Thoma Bravo; broader capital-markets infrastructure player rather than a pure-play trade repository, but overlapping customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/korfinancial

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors2 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 KOR Financial