Silent Eight, which uses AI to combat money laundering and terrorism financing, is looking to grow its team after closing $6.2m funding round.
The RegTech startup will hire new staff for its Singapore, London, Warsaw and New York offices, with the goal of doubling its headcount by the end of Q1 2020.
Southeast Asian-focused venture capital firm Wavemaker Partners, which has previously invested into Silent Eight, led the round. Other contributions came from firms including OTB Ventures and Standard Chartered’s investment division SC Ventures.
Additional support was supplied by previous Silent Eight backers.
Silent Eight uses AI technology to reduce money laundering and terrorism financing incidents through name and transaction screening. The software acquires data from all available sources and analyses it to establish accurate identifications.
The platform is also used to optimize transaction monitoring. AI is capable of uncovering patterns which a human may not and with every investigation a natural language generated writeup of supplied, outlining all evidence and reasoning.
Standard Chartered has been a client of Silent Eight since 2018. The RegTech solution is used to optimize the bank’s name screening process across all business lines and in more than 40 markets.
SC Ventures global head Alex Manson said, “The complexity of our financial system creates a demand for technologies that make financial crime compliance both more effective and more efficient. Silent Eight uses Artificial Intelligence to improve financial institutions’ name screening process, hence enabling better decisions.
“By investing in Silent Eight, we will help them scale across our footprint, participate in an area of growth seeing huge investments by financial firms and support our overall commitment to the global fight against financial crime.”
In conjunction with the deal, Wavemaker Partners managing partner Paul Santos will join the Silent Eight board of directors.
Copyright © 2019 FinTech Global
