Hummingbird RegTech, which was recently named in the new RegTech100 list, has secured $30m in its Series B funding round.
The investment was led by Battery Ventures, with commitments also coming from Flourish, Homebrew, FinVC and Plaid co-founder William Hockey.
With the fresh funds, the company hopes to expand its technology offering.
Hummingbird provides clients with a platform to organise the data, processes and insights needed to fight financial crime in a more efficient manner. Its technology automates financial compliance programs and facilitates collaboration and technological advancements.
The platform support AML investigations and reporting, SAR validation and filing, compliance testing, dispute claims and chargebacks, and more.
Its clients include Stripe, Coinbase, Evolve Bank & Trust and Upgrade.
Hummingbird CEO Joe Robinson said, “We know financial institutions often struggle to update or replace older technology. Hummingbird is designed to augment their existing tech stack and streamline operations. The platform has resonated extremely well with many top-tier financial institutions.
“We’ve witnessed tremendous growth this year, and this next round of funding, with the support of investors like Battery, will help us expand on the use cases and support company growth.”
With the close of the round, the company has raised a total of $41.8m in funding. It previously secured $8.2m in its Series A round back in 2020.
Hummingbird was recently listed in the RegTech100 list, which highlights the companies that compliance teams need to know about in 2022. View the full list here.
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