algoreg raises $1m to enhance onboarding offering

algoreg, a Luxembourg-based RegTech company, has raised $1m in Series A financing to enhance its onboarding modular platform.

The round led by GAI RegTech Ventures, Jean-Pierre Bitton and G&F fund. As part of the funding, Jean-Pierre Bitton will join the management team as chief sales officer and member of the board of directors. Bitton is a seasoned business executive and entrepreneur with over 25 years successful sales track record in the Financial Technology industry, haivng held positions at IBM, Reuters, Sungard and Calypso Technology.

With the new capital algoreg plans to continue enhancing its onboarding platform, hire a significant number of technology staff and expand the footprint in Europe.

Bitton said: “I am very enthusiastic about the future prospects of the business as we continue to innovate and modernize regulatory compliance. There is tremendous potential for future growth. I am looking forward to working with the five-star team.”

Founded in 2016, algoreg helps executives and compliance officers to build innovative compliance programs, focusing on user experiences and in full compliance with laws and regulations.

It claims its products enable a fast and compliant customer onboarding, decrease operational cost of doing KYC and improve the customer user experience. It has built a team of subject matter experts in the development of global AML programs with key competencies in anti-money laundering, counter-terrorist financing, information security, software development, regulatory compliance, operations andfinance.

The company’s products enables users to screen customers against Sanctions, PEP and Private lists and risk score customers to combat money laundering/terrorism financing. Its ID verification solution allows user to on-board new customers with real-time ID snaps and selfies. Its solution applies fraud checks to detect forged documents and matches customer selfie with identity document photo. In addition, algoreg enables its users to provide customers with a fully digital customer verification using its video chat-bot. Its automated video on-boarding solution offers a 24/7 verification process in any languages.

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