Kiwi RegTech First AML launches in UK after Series B

New Zealand-based RegTech platform First AML has reportedly nabbed £15.6m in its Series B funding round alongside its launch in the UK.

Headline Ventures and Blackbird Ventures led the round, with commitments also coming from Bedrock Capital, Icehouse Ventures and Pushpay founder Eliot Crowther, according to a report from FinTech Futures.

First AML automates end-to-end AML and CFT processes. Clients can request a CDD/KYC case with one click, helping them identify customers and check they are who they claim to be.

It also boasts tools for risk assessments and record keeping.

First AML CEO Milan Cooper told FinTech Futures, “The market for AML has grown nearly 20% in the past year to USD 214 billion.

“With ground-breaking investigations around tax havens and money laundering across multiple countries, the AML compliance regime is a key priority for accounting, law and real estate.”

To support the new launch, First AML co-founder Bion Behdin will relocate to the London office with 100 new staff planned to be hired this year.

The company previously raised $5.4m in its Series A funding round, which was backed by Bedrock Capital.

Earlier in the year, Blackbird Ventures led the $10m Series A funding round of CyberTech company Cyble. The company offers an AI-powered cyber threat intelligence to safeguard organisations.

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