Anti-money laundering (AML) and KYC service provider Strise has raised $10.8 million in Series A funding. Atomico led the funding round, which included existing investors. A valuation of the company was not immediately available. Atomico Partner Don Hoang, a former senior executive at Uber and Revolut, will join the Strise board.
According to a statement distributed by Strise, the company has captured 70% of top-tier banks in the Nordic region since its launch in 2019. Strise may also count global firms as customers, including US-based law firm Orrick and global professional services company EY (UK).
Strise says it has been quick to embrace AI or GenAI to tackle financial crime. Their service is described as simple to use yet advanced for firms needing to implement risk-based AML processes.
Marit Rødevand, CEO and co-founder of Strise, explains that if banks don’t adapt to AI, they risk falling behind.
“With crime and regulations becoming more complex, traditional methods aren’t enough. Without automation, fighting financial crime becomes costly and inefficient. Strise is leading the way in this change – we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process.”
Hoang describes Strise as a “game changer” for compliance teams, adding that customers have reported a 90% reduction in due diligence time and a 30% cost saving in using the service.
Strise points to a UN report that states around 2.7% of global GDP, or about $1.6 trillion, is laundered every year, and $7 trillion is hidden. Many businesses struggle with AML/KYC protocols even while spending much money on existing services.