New announcements mark another benchmark underscoring Compliance.ai‘s leadership in providing RCM solutions “for the banking, financial services and insurance industries.”
The company has “secured $6 million of funding with existing investor Cota Capital and new investment partner JAM FINTOP to support market growth.”
John Philpott, at JAM FINTOP, said:
“Our investment in Compliance.ai is a testament to the growing regulatory market currently experiencing rapid growth that will continue into the next five years or more. Our banking partners have ranked regulatory compliance change management transformation as one of their immediate priorities and Compliance.ai is perfectly positioned to address this critical need for financial services organizations.”
In parallel, the company has “brought in Asif Alam who is joining as CEO, while Kayvan Alikhani continues his key role in innovating the product as Co-founder and Chief Product/Strategy Officer.”
Asif Alam, CEO of Compliance.ai, 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.”
Recently, Alam served as the Chief Strategy Officer of ThoughtTrace, which was “acquired by Thomson Reuters earlier this year.”
He reportedly “brings more than 20 years of management and business experience; increasing profitability, unlocking new revenue streams and markets, and reignite portfolio growth for companies like Thomson Reuters, Crux Informatics, and Finastra.”
Bobby Yazdani, Founder and Partner at Cota Capital, added:
“Compliance.ai has developed a cloud-based modern Regulatory Change Management platform that proactively monitors sources of new regulations leveraging AI to contextualize the vast amount of regulatory updates into actionable insights, mitigating global compliance risk. With a strong executive team, led by Asif Alam, the company is well positioned to be a leader in the fast-growing RegTech market.”
This next chapter of Compliance.ai will be “focused on growth and expansion.”
Recently, Compliance announced “the global expansion of its platform providing access to regulatory change management applicable in 25+ countries.”