Latest General Catalyst News, Insights & Analysis

FinTech giant Ramp secures $150m secondary sale, valuation hits $13bn

March 3, 2025

Ramp, a leading financial operations platform known for its all-in-one solution for corporate finance management, has secured $150m through a secondary share sale.

Accounting

FinTech firm Stacks lands $10m to transform financial close with AI

February 19, 2025

Stacks, an AI-driven financial close platform, has raised $10m across two funding rounds led by EQT Ventures and General Catalyst.

Data Security/Data Governance

Cybersecurity firm Andesite secures $23m to launch AI-powered bionic SOC

February 11, 2025

Andesite AI, a cybersecurity firm specialising in AI-powered security operations, has announced the general availability of its bionic Security Operations Center (SOC).

Accounting

Fifteenth raises $8.25m to revolutionise tax planning for tech professionals with...

February 10, 2025

Fifteenth, an AI-powered tax solution designed to address the intricate financial needs of founders, investors, executives, and tech professionals, has secured $8.25m in seed funding.

FinTech News

Global payroll firm Deel secures $300m secondary investment, hits $800m run-rate

February 5, 2025

Global payroll and HR platform Deel, a provider of workforce management solutions, has secured a fresh $300m investment from anchor investors, including General Catalyst and a sovereign investor.

Crowdfunding

FinTech innovator Goodstack bags £22m funding led by General Catalyst

November 19, 2024

Goodstack, a global SaaS and FinTech platform specialising in embedding purpose into business operations, has successfully closed a £22m Series A funding round.

Company News

General Catalyst leads $25m Series A for revenue automation firm Tabs

October 31, 2024

Tabs, a leader in revenue automation for B2B businesses, announced today that it has secured $25m in Series A funding.

Financial Services Firms Lag in AI Governance and Compliance Readiness, Survey Reveals Limited Testing and Formal Governance Creates Compliance and InfoSec Risks for Firms Adopting AI Despite eagerness to leverage artificial intelligence, financial services firms lack formal artificial intelligence (AI) governance frameworks, testing protocols, and third-party oversight, according to the 2024 AI Benchmarking Survey, a joint project of ACA Group’s ACA Aponix and the National Society of Compliance Professionals (NSCP), released today at the NSCP National Conference. The joint survey, conducted online in June and July 2024, gathered data from over 200 compliance leaders in the financial services industry around their firm’s use of AI tools and technologies, as well as compliance practices used to manage the risks AI tools and technologies present. According to the survey, firms are missing opportunities to better manage AI risks. It found that only 32% of respondents have established an AI committee or governance group, only 12% of those using AI have adopted an AI risk management framework, and just 18% have established a formal testing program for AI tools. Furthermore, most respondents (92%) have yet to adopt policies and procedures to govern AI use by third parties or service providers, leaving firms vulnerable to cybersecurity, privacy, and operational risks across their third-party networks. “We’re seeing widespread interest in using AI across the financial sector, yet there’s a clear disconnect when it comes to establishing the necessary safeguards,” said Lisa Crossley, Executive Director, NSCP. “Our survey shows that while many firms recognize the potential of AI, they lack the frameworks to manage it responsibly. This gap not only exposes firms to regulatory scrutiny, but also underscores the importance of building robust AI governance protocols as usage continues to grow.” Other notable findings include: 75% of respondents are exploring AI or using it internally, with 37% of firms reporting already having adopted AI tools for internal use and 38% currently exploring AI use cases. The most common use cases for AI were research, marketing, compliance and risk management, and operations support. Among respondents already using AI, 52% indicated they use public enterprise generative AI tools (such as ChatGPT), 50% reported using private/enterprise generative AI, and 43% are using machine learning. Compliance professionals reported that their primary goal for AI use in the compliance program is to improve efficiency (67%). Yet, as 68% of compliance professionals at firms who have already adopted AI tools reported that AI tools have had “no impact” on their compliance program, this goal has gone unrealized. Cybersecurity or privacy concerns around AI tools were identified as the top concern when integrating AI tools into compliance programs (45%). This was followed by uncertainty around regulations or regulatory examinations (42%), lack of talent with AI expertise (28%), and lack of tools that meet compliance programs’ needs (20%) as challenges to AI adoption. “The survey’s most concerning finding is the lack of policies governing third-party AI use,” said Carlo di Florio, President at ACA Group. “Regulators are heavily emphasizing third-party risk management, as we saw with the SEC’s Reg S-P updates, the SEC Cyber Rule, and the EU’s Digital Operational Resilience Act. ACA is actively helping clients build robust AI governance frameworks that align with regulatory demands, ensuring compliance and improving program efficiency. Without these measures, leveraging AI’s potential while remaining compliant will be challenging.” The full results of the 2024 AI Benchmarking Survey will be released during ACA’s and NSCP’s webcast on November 7, 2024. For more information, click here. About the Survey Respondents Governance, compliance, and risk professionals, including chief compliance officers, chief legal officers, and chief information security officers, at over 215 financial services firms of various size and RAUM (regulatory assets under management) participated in the survey. 40% of respondents were from firms with between 11 – 50 employees, with 42% managing between $1 billion to $10 billion in RAUM. Asset managers accounted for 43% of total respondents, with private market firms, alternative investment advisors, the second and third most common types of firms respectively.

B2B Payments

Israeli FinTech Melio secures $150m led by US company Fiserv

October 30, 2024

Melio, an Israeli payments platform, has successfully raised $150m in a funding round spearheaded by the strategic US investor Fiserv. The financing, which values Melio...