Strise, an anti-money laundering (AML) intelligence software company, announced today its €10 million Series A funding round led by Atomico with participation from existing investors. They were also joined by a distinguished group of angel investors which includes Camilla Giesecke (Klarna COO), Phil Chambers (founder of Peakon, exited to Workday), Francois Callens (former CFO of Depop), Marcus Krylborn (growth at Snap), Riya Grover (CEO and co-founder of Sequence) and Allison Pickens (former COO of Gainsight). Atomico Partner Don Hoang, a former senior executive at Uber and Revolut, will join the Strise board.
This new investment will drive Strise’s international expansion across key European markets, starting with the UK and expanding its customer base across the financial, insurance, legal, and other industries. Strise will also deploy the funding to further enhance its end-to-end AML product offering, solidifying its place as a leading disruptor in the fight against financial crime and ensuring safer and more transparent business dealings.
Marit Rødevand, CEO and co-founder of Strise, commented: “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.”
Since its commercial launch in 2019, Strise has become a key player in the Nordic finance sector, with 70% of the region’s top-tier banks now using their service, helping them turn AML from a manual burden to an automated winner. Strise counts amongst its earliest customers major Nordic banks such as Nordea, Handelsbanken and Vipps MobilePay, one of Europe’s largest bank-owned mobile payment providers. Moreover, its reach extends beyond the Nordics, with US-based heavyweight law firm Orrick and global professional services company EY (UK) two of the first companies to have already joined Strise’s Early Access Program in the UK.
Atomico partner Don Hoang said: “Strise’s powerful knowledge graph, combined with AI and NLP technologies and an intuitive user interface is a game-changer for compliance teams. Its existing customers, including major Nordic banks and payment services, have reported a 90% reduction in diligence time and a 30% cost saving since implementing the system. We are proud to partner with founders Marit, Sigve and Patrick, who are on a mission to finally stop financial crime by building the first automated AML platform that everyone wants to use.”
Having been quick to embrace early versions of the technology known today as GenAI, Strise has designed its system from its inception to harness the power of AI in tackling financial crime while remaining at the forefront of new advances. The Strise system marries a robust knowledge graph with a user-friendly interface, effortlessly incorporating AI advancements. The seamless blend of network data, AI, and natural language processing technologies empowers regulated companies with intelligent insights to simplify customer onboarding and implement smart risk-based AML processes. Strise also offers real-time, comprehensive KYC and KYB checks through perpetual customer monitoring.
Read the orginal article: https://www.eu-startups.com/2023/09/oslo-based-strise-raises-e10-million-to-fight-financial-crime-with-anti-money-laundering-automation/
