Armalytix, which streamlines data collection and intelligence for AML checks, has reportedly raised $1m in funding.
HSBC, UBS, Bank of America and Goldman Sachs were among the investors, according to a report from Financial IT.
The company raised the capital to expand its market position, as well as meet rising demand for its services.
Armalytix is on a mission to build an engine of proof for the digital economy. Its platform stops financial crime, prevent the vulnerable being exploited and protect consumers from making poor financial decisions.
Its data collection and intelligence solutions are used within legal & property, crypto and blockchain, financial services, accounting, and other industries.
Financial services can use Armalytix for source of funds checks. Clients can get the data, answers and evidence needed with bank information, questionnaires, client fact finds and financial analysis.
Former UBS Private Bank head of investment products and services Mike Stewart told Financial IT, “Over the years in my various roles within global banking I’ve experienced first-hand the challenges in establishing Source of Funds.
“Armalytix is a business ahead of the curve, having dramatically simplified this complex AML check. Now, as the various regulators emphasise the importance of Source of Funds checks across multiple industries, I’m confident that Armalytix is ideally placed to help a significant number of firms in the UK and beyond”
In other RegTech news, heyData recently raised €3.3m in its seed funding round, which was led by Ten VC. heyData has developed a SaaS application that reduces compliance issues, such as data protection, for enterprises.
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