Quantexa, a company leveraging big data analytics to tackle complex financial crime, has raised $20m in Series B funding.
Dawn Capital led the round, which featured participation from previous investors HSBC and Albion Capital. The round comes a year after Quantexa raised $3.3m from Albion and HSBC. According to the London-based company, the new capital will be used to continue developing its proprietary tech and to expand across the globe.
“We were particularly impressed by the flexibility of Quantexa’s technology,” said Norman Fiore, general Partner at Dawn Capital.
“Currently it provides unique, valuable insights for clients across a myriad of industries from money laundering and credit risk, through to human trafficking and customer acquisition. The firm has experienced tremendous growth to date and we look forward to working closely with the team as they continue to break new ground in data analytics.”
Founded in 2016, Quantexa uses network analytics and AI to help organisations make better decisions from their data. Its technology helps Tier 1 clients solve global problems including money laundering, fraud, terrorist financing and human trafficking.
Earlier this year, HSBC integrated the AI software of Quantexa to screen the vast amounts of data it holds on customers and their transactions against publicly available data. The company also partnered with Deloitte to spot potential money laundering activity and improved customer insight with Shell.
Quantexa also recently joined with Arachnys, a compliance robotic automation business, to help financial institutions identify and monitor customer risk. As part of the partnership deal, Arachnys will utilise Quantexa’s software to compute relationship and network risk, to identify high-risk entities and Ultimate Beneficial Owner (UBO) structures in a subject’s network and to trigger events for KYC data collection.
Vishal Marria, CEO at Quantexa, added: “Organisations increasingly need to be confident they are making intelligent, data-driven decisions. We are delighted to have raised this investment to further develop our unique technology and accelerate our international expansion.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
