08 Sep 2017
With the smallest of compliance slip-ups costing banks millions of dollars - fines across the industry are expected to surpass $20B this year. Here's a list of some of the global firms that help banks and financial institution mitigate risk and stay compliant:
FenergoFounded in 2009, Irish startup Fenergo has taken in $80.43M in funding from investors that include asset management group Investec.
Digital ReasoningFounded in 2000, Tennessee startup Digital Reasoning has taken in $73.96M from 6 rounds of funding that include participation from NASDAQ, Goldman Sachs, and Credit Suisse.
OpenGammaFounded in 2009, British startup OpenGamma has taken in $37.45M in funding from investors like Accel Partners and the Japan Exchange Group to develop a solution that helps manage derivatives risk.
DroitFounded in 2012, New York startup Droit Financial Technologies has taken in $16M in funding so far from investors that include Goldman Sachs and Wells Fargo. The platform allows institutions to examine the full global cross-regulatory implications of a single trade like who you can trade with, what you can trade with them, and where you can trade it.
EverCompliantFounded in 2007, Israeli startup EverCompliant has raised $13M in funding to develop a solution to combat transaction logging and money laundering. In one case, a European bank decided to use the solution to monitor over 4,000 merchants. Prior to that, they were receiving on average four to five fines of $200,000 each and every year for transaction laundering. Those have since been completely eliminated.
ComplyAdvantageFounded in 2014, the startup has taken in $8.2M from investors like Balderton It helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML) and terrorist financing (CFT). Using AI and machine learning to produce higher quality AML risk data on individuals, organisations and associated entities.
Merlon IntelligenceFounded in 2016, Merlon Intelligence has raised $7.65M in funding from VC firm Data Collective who were responsible for the startup being founded. Merlon uses natural language processing to scour PDFs and other unstructured sources of text to then create “contextual knowledge”.
TokenFounded in 2015, San Francisco startup Token has taken in $18.5M in funding. Its PSD2 compliant solution which reads the data from the bank network and turns it into a “smart token” so that the original data never leaves the bank network. This is expected to “eliminate mass security breaches, reduce fraud.
PerfiosFounded in 2007, Bangalore startup Perfios (stands for Personal Finance Operating System) has taken in $6.1M so far from investors that included top-tier venture capital firm Bessemer Venture Partners who funded their $6.1M Series A in April of this year. Perfios predominantly operate in India and offer a service that lets any bank or FinTech analyze someone’s financial profile in a matter of minutes.