Due diligence technology house Arachnys has scored a $10 million funding round led by QED, as banks the world over react to growing regulatory pressure for stronger anti-money laundering controls.
Founded in 2010, Arachnys has had a break-out year in the wake of a series of scandals at major banks, doubling its business and securing new tier one enterprise deployments of its cloud-native, Customer Risk Intelligence platform in North America, Western Europe and Southeast Asia.
The company says the Series A funding will be used to accelerate product R&D, expand go-to-market efforts and establish a new delivery group to satisfy demand within its growing pipeline for global deployments.
David Buxton, CEO and founder of Arachnys, says: “Increased regulation, coupled with new AML, KYC and EDD requirements continue to pressure banks and financial institutions. This funding round accelerates our ability to help clients automate and transform their financial crime prevention initiatives into a revenue accelerator, while expediting regulatory compliance.”