Financial services risk management and compliance platform Merlon Intelligence has received $7.65m in a Seed financing round.
The investment, which is the company’s debut round, was led by DCVC and also saw commitments from Fenway Summer, Nyca and Work-Bench.
Merlon helps businesses with anti-money laundering, offering an end-to-end AML compliance solution to help managers reduce compliance costs and improve risk management.
The company’s platform helps to identify negative news in various languages, translate relevant information and highlight it for analyst attention.
Following the deal, former Promontory Financial Group COO and managing partner Konrad Alt has been made COO at Merlon.
Merlon Intelligence founder and CEO Bradford Cross said, “Operational risk is the biggest problem in banking – it’s the Achilles heel of the whole global banking system.
“The tools that are being used to manage risk are out of date, and don’t take advantage of the technological progress in artificial intelligence and natural language processing that are driving other industries forward.”
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