Dotfile, a French RegTech firm established in 2021, has successfully completed a €6m fundraising round.
According to Financial IT, this investment comes just over a year after their initial €2.5m round. The latest funding effort was led by Seaya Ventures and saw contributions from existing investors Serena and Hexa.
Dotfile operates a compliance one-stop shop platform that leverages AI to streamline customer onboarding and ensure adherence to Anti-Money Laundering regulations. The company is at the forefront of business verification, or “Know-your-Business” (KYB), which integrates multiple data sources to rapidly verify businesses globally.
The firm’s technology addresses a significant market need in compliance, an area where businesses worldwide invest over $200bn annually. Despite these investments, a staggering 2% of global GDP is still laundered annually, underlining the critical need for improved regulatory technologies.
With the new funds, Dotfile plans to intensify its research and development efforts and broaden its international reach. Recently, the company expanded its operations by opening an office in London and now aims to establish a presence in other major financial centers.
Dotfile has already attracted a robust clientele, with more than 50 customers across 10 countries, including prominent names like Spendesk, Younited Credit, Flowdesk, and Keyrock. This diverse customer base underscores the platform’s broad applicability and the growing demand for efficient, AI-enhanced compliance solutions.
“More than $200bn is invested in compliance every year, yet 2% of the world GDP is still going through the money-laundering rinse cycle, which is fuelling crime. AI could change how effective those policies are and the positive impact for our societies could be massive,” Dotfile CEO Vasco Alexandre said.
Previously, Dotfile had raised €2.5m in its first funding round, setting the stage for this recent successful capital boost.
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