Strise has secured $10.8m in its series A funding round, as it looks to redefine anti-money laundering (AML) automation.
Having bagged the capital in the round led by VC giant Atomico, the Norwegian startup is set to utilise the funds to drive its international expansion across key European markets, starting with the UK and increasing its customer base across the financial, insurance, legal, and other industries.
The Nordic AML vendor will also deploy the funding to further enhance its end-to-end AML product offering, solidifying its place as a leading disruptor in the fight against financial crime and ensuring safer and more transparent business dealings.
Marit Rødevand, CEO and co-founder of Strise, said: “If banks don’t adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren’t enough.
“Without automation, fighting financial crime becomes costly and inefficient. Strise is leading the way in this change – we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process.”
The round also featured participation from existing investors, as well as a litany of high-profile angel investors., including; Camilla Giesecke (Klarna COO), Phil Chambers (founder of Peakon, exited to Workday), Allison Pickens (former COO of Gainsight), Riya Grover (CEO and co-founder of Sequence), and Francois Callens (former CFO of Depop).
Atomico partner Don Hoang, said: “Strise’s powerful knowledge graph, combined with AI and NLP technologies and an intuitive user interface is a game-changer for compliance teams.
“Its existing customers, including major Nordic banks and payment services, have reported a 90% reduction in diligence time and a 30% cost saving since implementing the system.
“We are proud to partner with founders Marit, Sigve and Patrick, who are on a mission to finally stop financial crime by building the first automated AML platform that everyone wants to use.”
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