Anti-financial crime AI platform Mimiro has raised $30 million in a Series B funding round led by Index Ventures.
Existing investor Balderton Capital joined the round, which sees Index Ventures partner Jan Hammer, who led the firm’s investments in Adyen and Robinhood, join the Mimiro board.
Formerly called ComplyAdvantage, London-based Mimiro regtech startup which uses artificial intelligence and machine learning to help firms meet AML and terrorst financing rules.
The firm claims 350 clients in 45 countries across the US, Europe and Asia, including major global banks, for its feed of proprietary AML risk data, on-boarding screening and monitoring platform for KYC processes, and real-time transaction monitoring platform.
The company says that its self-improving algorithms absorb and scour millions of structured and unstructured data sources daily - including registers of high-level national and international sanctions, individuals who should be treated with caution, and adverse media coverage.
As a result, Mimiro builds a holistic snapshot of an entity’s risk in real-time, and spots nuanced patterns across users and transactions that would elude a human assessor. The company also lets clients tailor the product to focus on parameters that are particularly relevant to them. On average, Mimiro says it reduces the rate of false positives by 70%.
With its new funding in place, the startup is planning to move beyond its near-term focus on KYC and build a comprehensive global repository that provides an "instant, accurate risk profile for every commercial entity and individual in the world".
Says Index Ventures' Hammer: "We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks. The bigger vision - to get a complete picture of risk for all people and companies globally - has real potential to shake up the market."
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