Fincom, the AML Compliance Leader, Secures Series B Funding Boost from Nasdaq Ventures
Fincom, an innovative RegTech company focusing on anti-money laundering (AML) compliance and sanctions screening, has successfully secured funding in a recent Series B investment round. This funding is set to enhance their technological offerings and expand their reach in the financial compliance sector.
Funding Details and Key Investors
The Series B funding round was led by Nasdaq Ventures, with significant contributions from Macquarie Group, G1 Ventures, and previous investors AnD Ventures and ff Venture Capital. While the specific amount raised has not been disclosed, this investment marks a pivotal moment for Fincom.
Advanced Technology in Sanctions Screening
Fincom is recognized for its cutting-edge approach to sanctions screening. The company utilizes:
- Proprietary algorithms
- Computational linguistics
- Phonetic matching
This technology aims to deliver more accurate and cost-effective compliance results, ensuring that financial institutions can reduce false positives and enhance operational efficiency.
International Growth and Product Launches
The newly acquired capital will facilitate Fincom’s expansion into international markets, particularly in North America. This growth strategy includes launching new products that will enhance their offerings, such as:
- Screening for Politically Exposed Persons (PEPs)
- Adverse media screenings
- Verification of Payee (VOP) tools
Strategic Partnership with Nasdaq Verafin
In conjunction with the funding announcement, Fincom has unveiled a new partnership with Nasdaq Verafin, which specializes in financial crime management. This collaboration is set to enhance AML capabilities across a global network of over 2,600 financial institutions, further solidifying Fincom’s position in the market.
Statements from Leadership
Fincom’s CEO, Gideon Drori, expressed enthusiasm about the investment: “This funding reflects the dedication and accomplishments of our team, the confidence our customers have in our solutions, and the trust our investors place in our vision. We are eager to advance the AML compliance landscape, creating a meaningful impact and delivering substantial value to our clients.”
Gary Munitz from Macquarie Capital echoed this sentiment, emphasizing that Fincom’s unique approach to sanctions screening significantly outperforms traditional methods, simplifying the complex world of AML compliance and improving regulatory adherence.
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