Compliance technology platform Beam has bagged $9m in a mix of its Seed, Series A and venture debt funding.
The Series A funds were led by Greycroft Partners, while Canaan led the Seed investment. Other participants to this batch of funding included Broadhaven, Conversion Capital, Plug and Play, and Slow Ventures.
In addition to this, Silicon Valley Bank supplied $2m through a debt facility.
Beam leverages new data sources and machine learning technology to help FinTechs, banks, broker-dealers, cryptocurrency companies and other regulated financial groups to meet compliance obligations. Its API-based SaaS software is able to analyse hundreds of factors about millions of financial transactions and provides investigators with analytical tools to identify new vectors of financial crime.
The company’s technology helps firms to lower false positives, enhance transaction monitoring, and ease compliance with AML, KYC and suspicious activity reporting (SARs).
Beam CEO Ben Duranske said, “Just in the past year, we’ve seen money laundering schemes involving Amazon’s print-on-demand services, Airbnb condo rentals and even the videogame Fortnite. The bad guys are continually innovating their methods and finding new ways to attack.
“The platform economy, where people pay for goods and services via an intermediary, is especially vulnerable to financial crime. We’re proud of our success combating money laundering, human trafficking, terrorist financing, and other criminal abuses of the financial system.”
Late last year, Greycroft Partners brought its capital under management to $1.3bn through the final close of its fifth flagship fund, which has a capital pool of $250m.
Copyright © 2019 FinTech Global