Cable secures $11m for financial crime control automation

Cable secures $11m for financial crime control automation

Cable, the purveyor of an integrated platform for effectiveness testing in financial crime control, has amassed $11m in a Series A funding round.

The investment was brought forward by Stage 2 Capital and Jump Capital, along with continued contributions from CRV. This significant cash influx underscores the escalating need for effective platforms like Cable’s, particularly amidst a rapidly evolving regulatory and banking environment.

Cable offers a unique suite of tools designed to enhance transparency and reduce the instance of financial crime. These tools are poised to become increasingly vital to financial institutions, regulators, and consumers, as the demand for accountability and effective controls in the financial services sector surges.

The newly procured funding will be instrumental in Cable’s mission to expand its reach and deliver even more valuable products to its customers. As the company accelerates through the next phase of growth, these funds will be crucial for hiring across various departments, including product, engineering, data, and go-to-market teams. This will also accelerate the company’s product development pace, allowing Cable to make further progress on its extensive roadmap of products and features.

In addition to developing the first and only Automated Assurance product, which identifies financial crime regulatory breaches and control failures in real time, Cable has also created a host of other innovative tools. These include the first truly automated risk assessment that automatically updates for financial crime risk changes, as well as industry-leading quality assurance, business intelligence, and workflow tools designed specifically for Compliance Officers.

Cable’s effectiveness testing platform is already making waves, assisting regulated banks like Axiom Bank, Quaint Oak Bank, and Griffin to better manage their FinTech partners. It is also aiding fintech and crypto companies like Tide and Ramp to expand rapidly in various geographies.

Stage 2 Capital partner Dan Heck extolled Cable’s work, saying, “The Cable team is building the critical infrastructure our financial system needs to thrive as it evolves in 2023 and beyond. We could not be more excited to support them on their mission.”

Jump Capital partner Tarun Gupta also expressed his enthusiasm for the company, stating, “Natasha and Katie’s financial crime expertise from Monzo and Square, and their plan for Cable, impressed us. We are incredibly excited to partner with the Cable team.”

Cable CEO Natasha Vernier expressed her excitement for the future, sharing, “What we’ve built so far is only the first 1% of the roadmap that we have planned, and barely scratches the surface when we think about our mission.”

This recent funding round follows a previous investment from CRV, affirming Cable’s growing prominence in the FinTech arena.

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