Hummingbird Regtech, a provider of risk and compliance technology, this week announced the company has raised $30 million in Series B funding. The raise brings the total venture backed funding total to $41.8 million, and follows Hummingbird’s $8.2 million Series A in 2020. This new capital will allow Hummingbird to meet the regulatory needs of the modern financial world by providing a unique CRM designed for risk and compliance professionals.
Battery Ventures led the round with participation from Flourish, Homebrew, FinVC, and William Hockey, the co-founder of Plaid. The additional capital will be deployed to expand the team, expand product capabilities, and bring the platform to new markets around the world.
“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,” said Joe Robinson, CEO of Hummingbird. “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.”
Ancient interfaces, an overabundance of spreadsheets, scattered data, and unmanageable inboxes are why the success rate of global anti-money laundering controls is less than one per cent, and the estimated amount of money laundered globally in one year is between two and five per cent of global GDP, or between $800 billion – $2 trillion in current US dollars.
“We have been so impressed with Joe and the rest of the Hummingbird team, and with the company’s innovative, cloud-based technology that helps financial institutions and fintechs better protect themselves in a market that is seeing rapid innovation,” said Michael Brown, a Battery Ventures general partner who is joining the company’s board. “Battery’s experience backing a number of prominent fintech players, specifically those in the compliance space, reinforces our conviction that Hummingbird has a tremendous vision, and we are excited to be part of their growth.”
Hummingbird said it gives organizations including Stripe, Coinbase, Evolve Bank & Trust, and Upgrade, a platform that allows them to organize the data, processes, and insights needed to fight financial crime much more effectively in a manner designed for the discipline through a simple, easy-to-use product.
