Communications surveillance group VoxSmart has closed a $25 million funding round led by Toscafund Asset Management.
Headquartered in London, VoxSmart supports over 100 blue chip financial market customers to monitor and reconstruct trade chatter from voice, mobile, email and messaging in order to detect signals of malpractice and market abuse.
Demand for its surveillance kit has surged under the pandemic, with regulators demanding that banks enforce strict compliance with message-recording guidelines for staff working from home.
VoxSmart first introduced compliant WhatsApp surveillance to the market in 2016 and its proprietary technology now captures three messages a second for Tier 1 financial institutions across capital markets, commodity trading and the broker-dealer market.
The firm says the fresh capital will fund further expansion and growth particularly into North America and the emerging markets as well as product development in key areas such as instant message capture on emerging channels such as Telegram and Signal.