Financial crimes risk management solution dev Quantifind raises $23m


Quantifind, an AI-powered financial crimes risk management solution developer, has secured $23m in a fresh funding round.

DNS Capital led the round, with contributions also coming from Citi Ventures, US Venture Partners, Valor Equity Partners and S&P Global.

This capital will help Quantifind expand its footprint in international markets, bolster its global brand recognition, and enhance its solutions for financial crimes investigation, continuous customer monitoring, alerts triage, and supply chain risk screening.

Quantifind’s AI-powered automation uncovers relevant risk signals from disparate and unstructured data to help risk specialists investigate people and organisations faster and more accurately.

Its Graphyte solution improves risk intelligence workflows through entity resolution, dynamic risk typologies, knowledge graph technology and name science.

This $23m investment comes after a strong year of growth for Quantifind. Some of the notable milestones include signing four of the world’s largest banks, new contracts from the Department of Defense, including a $23.7m production contract, and deals with universities.

Quantifind also formed partnerships with the United for Wildlife taskforce and the Polaris Financial Intelligence Unit to fight human trafficking.

Citi Ventures global head of AI/ML/data investing Vibhor Rastogi said, “As the financial markets continue to evolve, it is critical for risk management teams to develop dynamic detection capabilities to prevent and mitigate financial crime and global threats.

“Quantifind is uniquely poised to deliver the data coverage, rich feature set, and detection accuracy grounded in science that global risk specialists across industry and government need to be effective at fighting financial crime and emerging threats.”

The company supports non-profits by lending its intelligence software to the Polaris Financial Intelligence Unit against human trafficking and the United for Wildlife taskforce. These organisations leverage the Quantifind platform to understand financial patterns that signal human trafficking red flags. This intelligence is then shared with financial services and law enforcement leaders.

Quantifind CEO and co-founder Ari Tuchman added, “Global financial institutions and governments value Quantifind’s ability to automatically uncover risk signals from disparate and unstructured data sources.

“We continue to raise the data science bar in the fight against financial crimes and hidden threats with a commitment to accuracy, speed, and seamless integration into client workflows.”  

In other RegTech news, UK financial services organisations are collectively spending £32.4bn each year on financial crime compliance (FCC), according to a report from LexisNexis Risk Solutions.

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