FNA, which supplies risk management services to financial institutions, has netted $5.5m in its Series A round.
Technology-focused investors IQ Capital led the round, with participation also coming from GETTYLAB.
Capital from the round will be used to further the development of the platform and provide regulators and institutions with improved data analytics to identify fault lines in financial systems and prepare for a financial crisis or cyber threats. FNA will look to bolster its academic partnerships.
Following its strong client growth, the startup is looking to increase its global footprint, with a particular focus on the US and Asia Pacific regions, and will expand beyond its existing client base of central banks.
FNA, which is based in London, leverages network analytics, AI, and machine learning to help financial institutions map and monitor complex financial systems. It also supports the simulation of operational and financial risks.
Its offerings include oversight and supervision, FMI analytics and simulation, and financial crime and conduct risk.
The company works alongside global regulators to better manage systemic risk, exchanges to better understand risks.
FNA founder and CEO Kimmo Soramäki said, “FNA set out to make the global financial system safer and more efficient through better, data driven, understanding of the interconnectedness of market participants. This investment is a testament to the work we’ve done with our central banking, regulatory and FMI clients.
“This investment comes at a critical time for FNA as the market searches for new solutions to counter new threats to the financial system.”
Last month, IQ Capital participated in the $40m Series B round of data privacy company Privitar. The platform automates the provision of data privacy while helping clients extract required information.