AML and KYC service provider, Strise, has successfully raised $10.8 million in Series A funding led by Atomico, with participation from existing investors. The valuation of the company was not immediately disclosed. Don Hoang, a former senior executive at Uber and Revolut, will join the Strise board as a partner at Atomico.
Since its launch in 2019, Strise claims to have secured 70% of the top-tier banks in the Nordic region. It also serves global firms such as law firm Orrick and professional services company EY. Strise states that it has embraced artificial intelligence (AI) or GenAI to combat financial crime. Their service is designed to be user-friendly yet advanced for firms seeking to implement risk-based AML processes.
Marit Rødevand, CEO and co-founder of Strise, emphasizes the importance of banks adapting to AI to avoid falling behind. She explains that with crime and regulations becoming more complex, traditional methods are no longer sufficient. Automation is essential to fight financial crime cost-effectively and efficiently. Strise aims to lead the industry in this transformation by helping AML and compliance teams work faster, detect crime more accurately, and stay compliant while safeguarding their reputation.
Don Hoang describes Strise as a “game changer” for compliance teams. Customers have reported a 90% reduction in due diligence time and a 30% cost saving by using Strise’s service.
Strise highlights a UN report that reveals approximately 2.7% of global GDP, equivalent to around $1.6 trillion, is laundered every year, with $7 trillion being hidden. Many businesses struggle with AML/KYC protocols despite investing significant amounts in existing services.
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