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ING joins $19.3m funding round for regtech Ascent

ING joins $19.3m funding round for regtech Ascent

Dutch banking giant ING has joined a $19.3 million Series B funding round for American AI-based regtech Ascent.

Using machine learning and natural language processing, Chicago-based Ascent helps companies to build, manage, and automate financial regulatory compliance.

Founded in 2015, the firm claims ING, alongside Commonwealth Bank of Australia and Bremer Bank, among its customers.

The new funding, which follows a 2018 $6 million Series A round, will be used for recruitment, product development and raising brand awareness.

Benoit Legrand, CEO, ING Ventures, says: “As the regulatory environment becomes increasingly demanding, so is the pressure on firms to remain compliant.

“To keep up with this ever-changing landscape and help relieve the mounting strain on resources, the financial services sector is continuously looking for more automated, intelligent and cost-effective ways to manage compliance."

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