Compliance.ai has landed $6m in funding from existing investor Cota Capital and first-time backer JAM FINTOP.
Compliance.ai offers a regulatory change management platform that helps mitigate risk, reduce costs and increase confidence in compliance status for the banking, financial services and insurance industries.
It claims to give compliance teams tools to automate the monitoring and reaction to regulatory updates, helping to quickly identify obligations and ensure required changes are completed in a timely manner.
Alongside the funding round, Compliance.ai has named Asif Alam – previously the chief strategy officer at ThoughtTrace – as its new CEO. Kayvan Alikhani will continue his role in innovating the product as co-founder and chief product/strategy officer.
Alam said, “I have been very impressed with the Compliance.ai team and technology that enables financial institutions to better protect themselves in a market that’s seeing an enormous amount of rapid change.
“An intelligent, automated approach to monitoring and reacting to regulatory updates is no longer a nice-to-have; it is a critical need for anyone who wants to prosper in today’s landscape. I look forward to partnering with Kayvan and team on their incredible mission and continuing to create transformative efficiencies for our growing customer-base.”
The RegTech company is currently seeking global expansion opportunities.
It previously raised $3m in its Series A funding round back in November 2020.
In other RegTech news, RegScale closed its Series A funding round on $20m. The company offers a continuous compliance automation platform.
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