Sweden-based Acuminor has picked up SEK 19m ($2m) in an investment round to help it push into new markets.
The investment was backed by Swedish investment firms Zenith Group and Edastra.
With the funds, Acuminor is planning to bolster its development efforts, hire more staff and enter new markets.
Acuminor was founded in 2018 and launched its first product in 2020. Powered by one of the world’s largest money laundering and terrorist financing threats and risks databases, its machine learning technology enables authorities and companies to address financial crime risks.
Its platform is now used by 750 companies spread across 13 countries. Its clients include major international banks, gaming companies, law enforcement, real estate agents and payment service companies.
Late last year, the company updated its ThreatView platform to improve financial crime support. The new version of its solution has a redesigned interface that enables precise threat and risk analysis. Furthermore, its new reporting features allows users to document their findings.
Zenith partner Caroline Nylund said, “With impressive growth, Acuminor has in a short time proven the value of its product that revolutionises the management of risk analysis, a problem that is growing in both cost and complexity. The company is now in a position to scale internationally, and I look forward to using this investment and the awesome team to take the company to the next level.”
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