Financial services big data and analytics company Quantexa has landed a $3.3m investment from Albion Ventures and HSBC.
The London-based startup uses its data software to tackle financial crime and challenges in financial services as well as other corporate and public sectors.
Quantexa claims the market for advanced analytical service providers is worth approximately $16bn a year with compliance and AML spending set to reach $8bn this year, up 9% year on year.
Company CEO Vishal Marria said: “Driving intelligence from internal and external data is a constant challenge organisations face.
“At Quantexa we feel we have built the next generation of Entity Resolution and Network Analytics software to support our clients in dynamically building a truly 360-degree view of their clients and their network relationships.
“Our aim is to become the global leader in Entity Resolution and Network Analytics and are delighted to have successfully completed this round of investment with HSBC and Albion Ventures.
“We look forward to working closely with our new investors in making this aim a reality by supporting our clients and partners.”
The company will use the capital to accelerate product development as well as expand internationally with offices in Brussels, Sydney and New York all scheduled to open this year.
HSBC’s global risk COO and head of global risk analytics Ray O’Brien said: “HSBC is constantly striving to improve the way we detect and prevent financial crime, and we are keen to explore technologies which help us build on existing capabilities.
“Quantexa has developed powerful applications of network analytics to this field, and we look forward to being more closely associated with their future development.”
Copyright © 2017 FINTECH GLOBAL
Copyright © 2018 RegTech Analyst