Hummingbird, a provider of anti-money laundering and counter-terrorist financing investigations, has raised $3m.
The round was led by Homebrew, with investments from Omidyar Network, TTV, and Designer Fund.
Based in San Francisco, California, Hummingbird claims to bring agility, intelligence, and breadth to the AML practice for banks, payment companies, and other financial institutions.
Institutions are struggling to keep up with increasing complexity in AML, and investigators swamped with cumbersome workflows, strict timelines, and scattered data.
To solve these challenges, Hummingbird uses machine learning and provides deep investigative capabilities to enable investigators to focus on fighting financial crime.
“US institutions are spending an estimated $25 billion per year on AML, but they’re battling dated technology stacks and manually coordinating detailed workflows,” said Joe Robinson, co-CEO and co-founder of Hummingbird.
“Hummingbird’s technology and algorithms can assist AML experts with complex investigations and help these institutions stay on top of new money laundering methods.”
Hummingbird claims to be a ‘modern take’ on AML case management and investigation, by being the only platform that enables customers to get started without an integration. It is designed to support compliance teams that don’t have easy access to engineering or IT resources.
The platform adds insights about investigation subjects and provides capabilities like interactive pattern visualization, automatic location intelligence, time-sequence narratives of customer behaviors, and relationship mapping between investigation subjects.
It also boasts built-in collaboration tools to eliminate the need for cumbersome, insecure case file sharing and tracking and also supports partner networks, like banks and their FinTech partners.
Hummingbird’s founders are balanced between the regulation and the technology sides of the industry. Joe Robinson, along with Jesse Reiss and Ryan Gerard, have backgrounds that include product leadership at Square, while Matt Van Buskirk and Jo Ann Barefoot are former regulators and prominent compliance experts.
“The same technologies that are transforming finance will fundamentally transform regulation, and Hummingbird is at the forefront of that change,” said Kabir Kumar, head of Policy and Ecosystem building at Omidyar Network. “Adding intelligence to the compliance process and making it easier for investigators and law enforcement to follow the money is at the heart of Hummingbird’s vision – one that can have a real impact in curbing financing of terrorism, human.”
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